Tuesday, June 25, 2019

Bitcoin May Be Heading Towards $5,000 As Trend Gains Momentum

The crypto market has been experiencing a bearish trend known as the longest in the history of the crypto market. After the high dump that the Bitcoin price experienced in November and December last year to the value of $3,200, it has seen stability within the range of $3600 and $4000 in recent time.

However, the recent stability has further made the debate of the next move of the market explicit. Many crypto pessimists think that the bear market will continue till it reached zero. Meanwhile, some crypto analysts think that the crypto winter market is still to linger for a while.

Meanwhile, a recent analysis of an experienced crypto trader surfaced on Twitter, which indicates that the crypto winter market is over and there is a possibility of Bitcoin hitting $5000 by May.

Bitcoin Rages On

In February, Bitcoin experienced a surge to the value of $4200, but the bull did not last long before it fell back to $3800 and it has moved between the price and $3900 since then.

A Twitter user, named filbfilb, an experienced trader and cryptoanalyst revealed a couple of chart analysis that predict the next move of Bitcoin. Based on his analysis, he stated that Bitcoin is a bull and its move in recent time has done enough to show this. This is because the BTC chart has remained above the 0.5 Fibonacci level since February 18.

Also, the market pattern has shown a repeated pattern recently with an inverted head and shoulders being a common one. The three significant high low since the December dump to $3200 indicate Bullish trend. Other Bullish signals are the MACD cross trending above zero and Chaikin Money Flow (CMF) indicating strong buying pressure.

Meanwhile, if it breaks below $3400, it would show a lower low that will be followed by a bearish trend that will send it below $3000.

Hitting $5,000

Filb assertion remains that BTC’s stay above key 0.5 fib level could turn bullish quickly which will see it hit $5,000 by May. However, the $5k level will be another psychological resistance level like the $4k level.

Other analysts predict a long term recovery for Bitcoin possibly by the end of 2019. This is based on key long term 61.8 Fib retracement level which could bounce off this at $5,000 only to dump below $1,500 according to this rather extreme scenario. And this will suspend the Bullish trend to 2019.

Regardless, as the crypto market awaits a turn around of the market, the price predictions are speculations based on the history of the market. Still, all enthusiasts alike await a possible Bullish trend in 2019.

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