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mercoledì 6 maggio 2020

Analyst: Key Signs Show There’s a “Good Chance” Bitcoin Is Fully Bullish

Since hitting $9,500 last week, Bitcoin has entered a consolidation pattern around $9,000. The cryptocurrency has traded between $8,700 and $9,200 for days, failing to decisively break out of this range.
Some say this is indicative of a market top. Yet others believe Bitcoin is poised to rally even higher, citing technical signals.
One analyst even said that considering a specific indicator, there’s a “good chance” BTC is fully bullish.

Bitcoin Could Be Fully Bullish: Top Analyst

Since the lows in March, Bitcoin has entered a very steep recovery. Just seven weeks after the worst cryptocurrency crash ever, and BTC is up well over 100%, recovering the bulk of the downturn.
It’s a stunning reversal that has left many wondering if it’s a relief rally or a reversal into a bull run.
This move could be the start of a full-blown bull trend, according to a top trader. Commenting to his Telegram channel in reference to the chart below, he wrote that “there is a good chance we are actually in full bull territory.”
bitcoin price chart
Chart from @ByzGeneral (Twitter)
Although the name of the indicators used isn’t clear, the chart depicts two clearly positive signs for Bitcoin.
  • Bitcoin has moved out of a buy zone. This is a trend that was last seen in December 2019 and April 2019.
  • The bottom indicator recently saw a bullish crossover. The indicator last did this at the $7,000 bottom at the start of 2020.
As this crossover just took place, it shows that BTC has room to rally.
Adding to the positive technical confluence, a top trader says that the cryptocurrency has crossed above key levels:
  • The yearly volume-weighted average price.
  • The 200-day simple moving average.
  • And the one-day Ichimoku Cloud.

The Fundamentals Are Equally Bullish

Also bullish are Bitcoin’s fundamental trends, which a top firm says will boost the cryptocurrency in the year ahead.
In a research note on cryptocurrency published Thursday, David Grider said his firm is bullish on Bitcoin moving forward, specifically citing the halving as a positive catalyst:
“We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after.”
Grider is currently the lead digital strategist at Wall Street analysis firm Fundstrat Global Advisors.
Co-founder of Fundstrat Tom Lee echoed the optimism.
In a tweet, the analyst said that Bitcoin’s year-to-date performance proves that it is not only benefiting from the halving, but is also acting as a “solid risk-on asset and as a hedge against calamity”:
“Bitcoin has acted extremely well. YTD, it is outperforming equities by a sizable margin. So proving itself both as a solid risk-on asset (look at today) and as a hedge vs calamity.”
With governments printing trillions of dollars to boost the economy, it makes sense that a decentralized asset gains intrinsic value.
Photo by Roman Nguyen on Unsplash
Nick Chong
Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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