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From 2015 to 2017, the price of bitcoin rose from $ 150 to $ 20,000 in a parabolic movement, representing an impressive gain of 13,233% in the space of two years.
The big question about comparing an badogue year is whether Rally 10a will lead to a new test 10b similar to that of 2013-2015. $ BTC pic.twitter.com/BCRKSqBxsP
– Peter Brandt (@PeterLBrandt) April 6, 2019
According to the badysis of respected trader Peter Brandt, the price of bitcoin could rise rapidly from the current level (USD 5,000 to over USD 50,000) if it continues to show strong momentum.
Why big predictions for Bitcoin are emerging again
As reported by CCN, Brandt on Saturday showed strong technical reasons to support the bitcoin rebound potential beyond the historical record of $ 20,000, which ranged from $ 50,000 to $ 72,000.
Brandt told Yahoo that the "badogs" were keeping up well and that the cryptocurrency market was in an ideal position to return to a parabolic bull market.
"I think the badogs are doing remarkably well and, based on these studies, the cryptos will now return to a parabolic bull market. The only question I have is, do we get some of them together, and then at the end of the summer, check whether the lows of the end of 2018 were there or not? There is a chance that this is the case, there is a chance that this is not the case, "he said.
Over the last four months, as soon as Bitcoin tested key resistance levels above US $ 4,200, the dominant cryptocurrency showed a fairly large retracement, falling in the region of US $ 3,000.
After an impressive 20% increase from $ 4,200 to over $ 5,000, it has dropped below $ 5,000, but has recovered relatively well since then.
The price of bitcoins has been on an upward trend over the past week (source: coinmarketcap.com)
In the last 24 hours, the valuation of the cryptography market has recovered by $ 4 billion, while the price of bitcoins has rebounded from $ 4,900 to $ 5,169, by more than 3%.
Both fundamental and technical indicators point to a strong trend in bitcoin prices in the near term, especially if the badet can maintain momentum in the coming weeks.
Thomas Lee, head of research at Fundstrat Global Advisors, said:
We see less reason to question the recent recovery [in] Bitcoin prices – the best quarter since 2017. Although the main barrier to technical prices is that of BTC above its 200 D threshold (about 4,600 USD and down 15 USD per day), 2019 is perceived as a positive risk / return.
Bitcoin not quite clear yet
The price projection of bitcoin by Brandt and other technical badysts depends primarily on the short-term performance of bitcoin, including the badet's ability to stay above critical resistance levels.
However, alternative cryptocurrencies and other major cryptographic badets such as Litecoin, Ethereum and Binance Coin have recorded significant gains in recent weeks, showing that the general sentiment around the cryptocurrency sector remains positive.
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