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The crypto winter is finally over
In the last 15 months, a winter has ravaged the crypto industry and Bitcoins in general. Tokens have lost a large majority of their value ever achieved as startups in the sector, such as Coinbase, Ledger, ShapeShift, Bitmain, etc., were fired or had to stop completely. But an badyst says the BTC is out of a bearish state.
Mati Greenspan, an internal cryptography badyst and industry commentator at eToro, recently pointed out that BTC had exceeded the long-term downtrend line, which means that the bear market is "completely". , like Alex Kruger, noted that when bitcoin rose above the $ 4,200 level, the bear kingdom ended.
This recent comment comes just a week or two after Tom Lee made a similar remark. As Ethereum World News reports, Fundstrat's chief research officer turned to Bloomberg to say that Bitcoin's spike in early April was based on a "real buy", which made it an act of manipulation. provided by some. This probably refers to a Reuters report that a group or entity managed to buy $ 100 million worth of bitcoins from three stock exchanges, creating a short-term influx of FOMO that drove BTC on the rise.
To deepen the bullish narrative, Lee looks at the 200-day moving average, which has been a key resistance level for BTC since the beginning of 2018. The Fundstrat co-founder explains that, even though many cryptocurrency claims have died because of their -85% performance, closing and holding BTC above the aforementioned level for weeks confirm that it is "back to the upside"
Bitcoin does not join for the moment
This does not mean that BTC is ready to go much higher, however. As Greenspan notes, it is still possible that BTC will suffer the second half of the "Bart Simpson scheme", which would mean a sell-off at pre-rally levels ($ 4,000) in the coming weeks. He adds that the news of Tether and Bitfinex is still on the cryptocurrency market, as the lawsuit concerning the two companies is still pending and could potentially lead to a so-called "black swan" event. the market could collapse.
Patrick Heusser of Crypto Broker AG echoed the idea that it is unlikely that a $ 6,000 overpayment by BTC will exceed $ 6,000. He explained to CoinTelegraph that because of the systemic importance of Bitfinex and Tether, but especially stability, any negative evolution in this area, such as the closure of one or the other of the entities, could have ramifications. short term. From a technical point of view, he notes that the cryptocurrency market is somewhat overexploited, adding that a dip to $ 4,800 would be healthy and would allow BTC to have a solid foundation for a new upward trend.
Image title courtesy of André François Mckenzie via Unsplash
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