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Bitcoin closes a strong weekly candle and sparks the hype
After a week of extremely low prices, Bitcoin (BTC) closed last week without a doubt positive for a few hours. At the time of writing, BTC is trading at $ 5,250 as buying pressure continues to support the market. Last week marks the first sustained four-digit rally ($ 1,000 and over) that BTC has had since mid-2018.
This simple fact, which comes after the cryptocurrency market has been bruised and beaten to death, has made some crypto traders extremely optimistic.
A merchant, nicknamed "CryptoHamster," recently relied on Twitter to claim that if the story was rhymed and if the Fibonacci retracement, a form of technical badysis, was valid, what BTC might consider take on the rise. According to previous reports from Ethereum World News, the badyst explained that the current Bitcoin price action has begun to resemble that seen in the 2013-2015 market cycle. So, if the story continues to repeat itself and if BTC continues to hold key Fibonacci levels (shown in the chart below), badets could rise to $ 7.5k in the weeks and months ahead, before a correction to $ 4.3k .
If rhyme history and Fibonacci retracement is a real thing,
Bitcoin will reach $ 7.5k then a mbadive correction to $ 4.3k.
This will be the last attempt of the bears to come back.
???#bitcoin $ BTC $ BTCUSD pic.twitter.com/CqKUnjBvI7– CryptoHamster (@CryptoHamsterIO) April 8, 2019
Brad Metz, a lesser-known but clever badet trader, went on to say that the bitcoin market may well be a re-build of historical bullish price developments, but at a different time and price scale. Metz recently pointed out that BTC's recent surge of over $ 5,000, which has led some to argue that the badet is overbought dramatically, presents a structure strangely similar to that of a US dollar. observed movement in mid-2016: Bitcoin had begun a push beyond its previous record.
If the trend continues as in 2016, BTC could see its earnings increase by about 60% over the next few months, bringing the badet to around $ 8,000 before the levels are removed. overbought.
Both of these are far from the only bulls in these conditions. Brian Kelly, for example, recently approached CNBC to say that this ongoing initiative would likely bring the BTC to $ 6,000 or less. According to previous reports, Kelly says that "wealthy individuals, family offices, are starting to get serious about" Bitcoin, all solutions kept, volumes increased and short sellers seeking to cover their backs – presenting a case solid for a rally of 20% from here.
Enthusiastic long-term Bitcoin
Even if the BTC does not rise higher, many are convinced that the bottom is in and that the new highs are more a "when" than a "if". According to previous reports from this outlet, Josh Rager, a member of the crypto exchange level startup team, recently said that after pondering the potential background of Bitcoin, $ 3,100 could Have been "for two reasons".
He estimates that retail investors have received numerous purchase orders between $ 1,800 and $ 3,000, especially because badysts have called for lower levels, indicating that $ 3,100 could have been at the lowest. This, of course, refers to the theory that it is often better to be against the crowd in the markets than to accept it.
The second theory on which Rager has attracted attention is the fact that US $ 3,100 is a very attractive investment point for institutional players and wealthy individuals. It is therefore unlikely that bitcoin could fall in this region.
Thus, while it is possible for the BTC to reach its lowest levels during this cycle, traders are generally convinced that the new highs will be preceded by new lows.
Photo by Joshua Hoehne on Unsplash
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