Thursday, February 20, 2020

Bitcoin Could Surge To $10,000 By May, Says Crypto Trader

Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

The price of the top value cryptocurrency, bitcoin has lingered within the range of $5,100 and $5,200 in recent time until a recent surge that took it to $5,600. The recent surge and the steady stability it has seen for a while has made many enthusiasts believe the bear market is over and the bull run has started. Also, some are of the opinion that bitcoin is exhausted and bulls are not ready yet. Amid the optimists in the near term is a crypto trader that sees bitcoin hit the value of $10,000 by May.

Bitcoin Hitting $10,000 By May

May is six days away, and the price of bitcoin has been lingering within $4,000 and $5,000 since January. Well, just like many enthusiasts have come to agree that the bear market is over, a crypto trader named Gat only sees bitcoin bubble in May.

This view is supported by the recent surge that catapulted the price of bitcoin to $5,600. This took the value of bitcoin to its high in the last five months. Also, there was a formation of a golden cross on a technical analysis of bitcoin for the first time since 2015, such experienced while the last bull run was starting. This seems enough evidence that the bull run is here and that it could hit $10,000 in May. Though it seems impossible, if it takes place, it will be almost 100 percent increase in the value of bitcoin in a month.

Also, the historical antecedents of bitcoin show that bitcoin spikes a year ahead of its halving. The next bitcoin halving will take place in June 2020. This means that starting from next month the crypto space might be in for another bull run.

Other Bitcoin Price Predictions

Murad Mahmudov, a crypto analyst that has been bearish in the near term before now, believes the bull run has started, and there is no reversal again. Likewise, some believe the next stage of the value of bitcoin is the mark of $6000 and $7000.

In contrast, some enthusiasts are still of the opinion that bitcoin is exhausted and the bull run is not ready in the near term. Magic Poop Cannon in a recent trading view post noted that the Bitcoin is exhausted and is ready to see a large 15 to 20 percent pullback if historical trends hold any value.

Cannon in his explanation for his assertion stated that BTC’s current price action, 50-week exponential moving average, 50- and 200-day simple moving averages, Fibonacci retracement levels, and Relative Strength Index (RSI) are all looking eerily similar in structure to that seen in mid-July 2015.

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