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The month of April was very positive for cryptography markets and Bitcoin's ability to break through in the $ 5,000 region without significant selling pressure changed the general sentiment of the market by making it slightly more optimistic, many analysts expecting BTC to win again in the near future.
An eminent analyst pointed to similarities between Bitcoin's April monthly close and October 2015, which was followed by a massive race.
Bitcoin is approaching $ 5,400 as recent fears of attachment soften
At the time of writing, Bitcoin is trading up nearly 1% at its current price of $ 5,375. In the space of a week, Bitcoin recovered its $ 5,100 dollars that had been drawn up after the announcement of the fiasco surrounding the Attorney General of New York's charges that Tether and Bitfinex were defrauding investors .
In previous years, news like this had led to significant declines, but Bitcoin lost only 10% after the news spread, and has since recovered much of its losses as it returns to its highest peaks over $ 5,600.
In addition, Bitcoin has not only appeared to have a growing strength from a fundamental point of view, but has also released a monthly green candle that many analysts regard as bullish.
DonAlt, a popular cryptocurrency analyst on Twitter, talked about BTC's monthly close in a recent tweet, explaining that its broader time bias is currently bullish.
"$ BTC Monthly: This is the first time in a long time that BTC breaks resistance and closes above it. We finally have support below us that could actually hold, turning my big bias into a bullish time. I will stay with long swing until this support fails. Purchases in green would be juicy, "he said referring to a monthly candlelight chart from the BTC.
$ BTC monthly:
This is the first time in a long time that BTC breaks the resistance and closes it up.
We finally have support below us that could actually hold on, turning my big bias into a bullish time.
I will stay with long swing until this support fails.
Purchases in green would be juicy. pic.twitter.com/zczGMjmIhY– DonAlt (@CryptoDonAlt) May 1, 2019
Analyst: Bull Run similar to the one seen in 2015 would send BTC to over $ 330k
Because this monthly close seems to be extremely bearish, discussions on the next potential upward run have been numerous. An analyst notes that there are striking similarities between the closing of Bitcoin in April 2019 and its closing in October 2015, which was followed directly by a huge parabolic crisis. bull run.
Galaxy, another popular cryptocurrency analyst on Twitter, spoke of these similarities in a recent tweet, explaining that if the next increase were the same as 2015, which would require a massive influx of capital, the price of BTC would reach $ 330,000 in the next years. .
"Observing structural similarities between the monthly candles from October 2015 and April 2019. October 2015 ushered in the biggest upward run in the history of BTC after a rise in price of 6,500% in 2 years. Another similar race puts the BTC at over $ 330,000 per room by the end of 2021, "he noted.
Observe the structural similarities between the monthly candles from October 2015 and April 2019.
October 2015 ushered in the most important bullish run in the history of BTC after a 6500% price increase in 2 years.
Another similar race puts the CTB at over $ 330,000 / piece by the end of 2021. pic.twitter.com/KTCRLd8jRH
– Galaxy (@galaxyBTC) May 1, 2019
Although it is unlikely that the next bullish wave will be the same as in 2015, an influx of corporate and institutional capital, which would result in an influx of consumer investment, may be enough. to feed another parabolic upward movement that many investors in crisis anticipate.
Selected image of Shutterstock.
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