Is $ 7,500 a candy for Bitcoin buyers?

The prices of bitcoin and, to a lesser extent, of all cryptocurrency markets since the early phases of the bear market bearish phase beginning in early 2018, have been marked in recent weeks. a new bull market for crypto could be in progress.

Volume also increased, peaking at more than $ 33 billion on May 16.^th, in addition to the 200-day moving average that has been optimized for the first time since the beginning of 2018. Recent positive news could be a key catalyst for the recovery of Bitcoin's price and activity; despite the announcement of a new round of delays in ETF VanEck and Bitwise, the encrypted platform of Bakkt will soon be available, and the Flexa payment network has taken the initiative of Allow customers to shop at major retailers, including Whole Foods, Bitcoin.

However, while positive news may impact the price of Bitcoin, the increased commercial activity and volatility in the cryptography markets has prompted many traders to ask themselves what is the best price to enter the market. After a recent short-term retracement beginning on the 16th^th In May, as the price of the BTC dropped below its $ 7,000 level, Bitcoin stayed the course and continued its upward trajectory. But then, where does the BTC go and how can traders get the best possible entry price?

Timing a perfect point of entry

While the general opinion of traders with respect to the BTC is changing more and more upward, many are looking for an "ideal point" to open a Bitcoin position if they have not done so, or the same way they had made profits before the BTC retracement in mid-May. So what would this elusive entry point look like?

Monfex, the main cryptocurrency trading terminal, regularly publishes trading ideas via its popular TradingView account. Monfex is a margin trading platform that allows traders to access 13 different cryptographic badets, including Bitcoin, Ethereum, Ripple and Litecoin.

May 23^rdthey predicted that $ 7,500 would be a key purchase level, with Bitcoin trading between $ 7,200 and $ 8,100. Monfex added that, according to their technical badysis, the upward trend to $ 11.5K should continue, paving the way for serious gains and making a $ 7,500 entry very attractive.

Monfex commented on the recent fall in prices and said that despite the sluggishness and sluggishness of some operators to return to the downtrend in the long run, the main digital badet shows no sign of a rapid break.

Monfex has already released very accurate and popular forecasts, including a recent idea from TradingView that saw an imminent BTC increase of $ 8,500, resulting in nearly 14,000 views in just a few months. days.

Broader badysis

How does the wider market perceive Bitcoin's long-term prospects? In April, Forbes published an article examining the price of the BTC, saying bullish sentiment outweighed bearish forecasts. Since then, the price of bitcoin has risen dramatically, reaching several times the territory of $ 8,000.^st In May, CNBC quickly discussed possible catalysts for BTC's next big race, including the halving of Bitcoin.

The TradingView contributor, user "botje11", which has more than 27,000 subscribers, proposed a more conservative estimate of Bitcoin's short-term prospects. In a TradingView idea the account posted on May 24^ththe trader noted that the volume had increased slightly from $ 7,500 as a result of the transfer; similarly, a double higher education could indicate that the price will fall.

Last thoughts

So, is it time to get into Bitcoin or wait on the sidelines? At the time of writing, those who had followed Monfex's advice to buy at $ 7,500 would have made significant gains since the release of their TradingView prediction, as BTC is now trading more than $ 8,000. In addition, traders who used strategic leverage could have benefited significantly from this price change.

However, it is unclear whether BTC can continue its short-term recovery and move towards $ 11.5K as planned. From a fundamental point of view, the recent news about Bitcoin, and the crypto-currencies, seem globally positive. Many institutional investors such as Bakkt and Fidelity are waiting for regulatory clarifications to offer financial products based on block chains.

Similarly, as Bitcoin will only have half of its block in less than a year, many badysts predict that bullish sentiment will continue to grow throughout the remainder of 2019 and into 2020;

 
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