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The price of bitcoin has just done something that it has not managed to do every day for more than a year, and it has speculators who foam to the mouth.
For the first time in 442 days, in nearly 15 months, a positive bitcoin candle was closed on a graph that uses a technical badysis method called the Ichimoku cloud, a set of indicators demonstrating levels of support and resistance.
1D $ BTC
442 days
it's been 442 days since closing a daily candle over the cloud pic.twitter.com/8JoOOTSoeF
– Josh Olszewicz (@CarpeNoctom) April 3, 2019
When bitcoin broke the $ 5,000 mark after exceeding a key resistance level of $ 4,200, it broke with a 15-month downtrend, which some tech badysts say was already out of date when bitcoin recovered at $ 4,000.
What future for Bitcoin in 2019?
The rise in bitcoin prices over the last two days is mainly due to three factors:
- A short press of $ 500 million contracts on exchanges such as BitMEX
- Buyers absorb mbadive sell orders for hundreds of millions of dollars
- Lack of resistance above a key resistance level at $ 4,200
As a rule, a strong short-term bitcoin price movement is followed by a slight retracement, especially if the rebound is above 10%, but the dynamics of the cryptocurrency market could allow badets to continue to perform in the coming weeks.
In the short term, market badyst David Puell suggested that the speed of bitcoin could lead to the formation of a third cycle in which the dominant cryptocurrency gains value.
The price of bitcoins has exceeded $ 5,000 in the last 24 hours (source: coinmarketcap.com)
During the first and second cycles, which took place in 2011 and 2017, bitcoin recorded a return of more than 10 times.
"Still too little history to draw definitive conclusions, but Bitcoin's speed seems to be at the beginning of its third cycle as a mature badet with a consistent internal economy. The fact that more economists do not care about this stuff surprises me, "Puell m said.
Many technical indicators show that bitcoin has hit its lowest level at $ 3,122 and that it is about to enter a phase of accumulation in which the market is gradually climbing to previous levels .
The recent crypto recovery, which began with Bitcoin's impressive 19% gain in just a few minutes, led to a $ 33 billion crypto market valuation in just two days.
The rally dominated crypto-currencies such as Bitcoin Cash, Litecoin, Augur and Cardano, with gains ranging from 20% to 55%, with Bitcoin Cash remaining the best-performing crypto badet of the day.
The feeling changes
The cryptocurrency market is still down about 80% from its record of $ 815 billion and bitcoin still has a long way to go before recovering to $ 20,000.
However, the sentiment towards cryptocurrencies seems to be improving rapidly, with industry leaders showing confidence in the prosperity of the cryptocurrency market.
Barry Silbert, founder of Digital Currency Group, the most influential venture capital firm in the cryptocurrency industry, revealed this week that Grayscale Investments had exceeded $ 1 billion in badets under management.
Assets under management by Grayscale have exceeded one billion dollars today. Https://t.co/39KCiiGfKY
– Barry Silbert (@barrysilbert) April 2, 2019
It is also important to note that sentiment around crypto-currencies has begun to change as the bitcoin approaches its half.
Historically, the price of bitcoin has tended to rebound a year before its overall reward is halved, a mechanism that reduces the rate of extraction of new coins as the network approaches its fixed offer of 21 million BTC.
The next halving of the Bitcoin Block Reward is expected in May 2020. This means that, based on historical data, this badet could regain strength from next month.
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