Thursday, November 14, 2019

Murad Mahmudov Now Believes Bitcoin Has Bottomed, Price Now Bullish

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 Bitcoin saw a sudden surge at the beginning of April, which changed the sentiments of most crypto enthusiasts about the crypto market. However, despite the change in sentiments, a few enthusiasts still believe that the bear market is yet to bottom. Hence, a deeper bear is still ahead in the near term according to them. One of such enthusiasts is prominent Bitcoin market analyst Murad Mahmudov. However, his conviction has switched Bullish recently.

Murad’s Confident Of A Bull Run

Murad Mahmudov a popular Bitcoin price analyst’s view of the Bitcoin price has been different from most enthusiasts before a recent change. His usual assertion is that the Bitcoin price is yet to bottom and he expects the bottom to take place in the second quarter of 2019 and the bull run to start by the second quarter of 2020.

In recent time, the price of Bitcoin has seen stagnancy in the range of $5,000 and $5,100. And also a little push to the range of $5,300. Hence, Mahmudov believed the bear market will still linger more.

Mahmudov changed his purview of the market that the market price of Bitcoin can only move higher from now henceforth. He made this known during the last weekend while speaking at on the Easter episode of the Understanding Bitcoin podcast hosted by veteran trader, Tone Vays. On the show, he supported his argument with two key metrics suggesting the next bull run has already begun. The two were 200-day moving average and 200-day median Bitcoin price.

Mahmudov explained that “We tried plumbing the 200-day median and… when that median is broke, that usually signifies… either the late stages of accumulation or the early stages of the next bull cycle.”

Expected Bull Run Is Here

Also, during the podcast, trading analyst and creator, Willy Woo, Adaptive Capital’s head of research, David Puell, Adamant Capital’s Tuur Demeester and developer, Venzen Khaosan all supported the assertion that Bitcoin has bottomed, hence the bull trend.

Also, the recent rate of adoption and the general change of sentiment has proven this, though, Bitcoin has been taking a gradual process to switch to a bull run. Equally, the historical antecedents of Bitcoin halving have boosted the sentiment of a bull run. Bitcoin normally surges a year ahead of its next halving based on history. The next halving will take place in June 2020, which makes May and June 2019 the prime time for the next bull run to start.

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