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Since the beginning of April, when the price of bitcoins has almost jumped by nearly € 1,000 in about an hour, the bullish sentiment has returned to the crypto market, and many have begun to call with confidence the last hollow.
As a result of soaring prices, the price of bitcoins has consolidated above $ 5,000 and is an extremely upward trend on the price charts, suggesting that an increase over $ 6,000 could be the next stop of the main cryptocurrency by market capitalization.
Crypto Analyst: The price of bitcoin will exceed $ 6,000 in the short term
The Bulls managed to hold the upper hand after the powerful rally in early April with a resistance of $ 4,200 to more than $ 5,000, and the price of bitcoin is currently trading at $ 5,300. The price of the first-ever cryptocurrency ranged from $ 5,450 to $ 5,000, suggesting price consolidation on the market.
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However, according to CryptoRand, a leading cryptography badyst, recent price action has resulted in a large bull pennant, with a target of over $ 6,000.
#Bitcoin looking solid here. Bullion pennant in the making. Target on the region of $ 6,000. pic.twitter.com/3WMFkuKzBN
– Crypto Rand (@crypto_rand) April 22, 2019
Bull pennants occur when bears are surmounted by a strong bullish movement, creating a pole. The pennant begins to take shape as the resulting price action narrows in a fork, until an escape occurs in front of the top of the triangular pennant shape.
When these price structures are present in encryption or stock charts, they indicate consolidation ahead of a short-term price hike. As the previous move was a strong upward movement, prices should continue to rise in the coming days.
Thomas Bullkowski found that most pennants are resolved about 3 weeks after price consolidation. The previous bullish movement creating the pole had been exactly three weeks ago, which could suggest that Bitcoin is about to make a big move fast enough.
Another cryptography badyst repeats his move over $ 6,000
Other cryptographic badysts have rallied to the bullish prediction. Crypto badyst Lisa Edwards also expects a significant increase in bitcoins of more than $ 6,000 in the short term. Although it does not rule out a retrace after the $ 4,700 move, it expects Bitcoin to target more than $ 10,000.
$ BTC painting inspired by @JacobCanfield Weekly chart of the newspaper scale. Strong bullish divergence & BULL FLAG formed
TERSHORTISH TERM – $ 6,252
RETrtermediate treatment – $ 4,734
? LONGER TERM – $ 10,444RETRESSSIBLE RETRACE $ 5,161 Bitfinex
A small drop in all the possibilities ahead
❤️❤️❤️ pic.twitter.com/6O8A6tzVpc– "Lisa N Edwards" (@LisaNEdwards) April 22, 2019
While it is close to $ 10,000 after a long and macerated bear market, it may seem excessive to be optimistic, since the price of bitcoin can soar so quickly due to the scarcity of its supply and since so much capital is left behind in the crypto space, a sufficient break-up of USD 6,000 could lead to a generalized FOMO, as the trough of bearish activity in the bear market should be confirmed, and the cause of a new bull market will be the subject of all discussions in the industry.
Related reading | The Bitcoin price chart shows the inversion of the background and scrolling textbooks
$ 6,000 will probably not fall easily, because the high level of resistance once played a seemingly impenetrable support. But even if it ended up breaking when it was acting as support, there is no doubt that doing it as resistance would be considered the most important sign that the tides are in the process of go from bearish to bullish in the long run.
Featured image of Shutterstock
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