Bitcoin Bullish Scenario Back in Play, Price Back on Track to $4,500 Target
Bitcoin is currently revolving around $3,800 level. After taking a hit to $3,730 level on February 24th, Bitcoin has been trading between the range of $3,700 and $3,850 on Bitstamp.
At the time of writing, Bitcoin has been trading at $3,870 with 24-hours gains of 0.05 percent as per the data provided by Coinmarketcap. The leading cryptocurrency by the market cap of $67 billion is currently managing the daily trading volume of $8.3 billion.
Bitcoin 3-months Price chart, Source: TradingView
Greens Coming for Bitcoin, Get Ready for Alt Pump
Now, according to crypto traders and analyst, the green can be expected to be back in the game as crypto trader, Crypto Credible shared that Bitcoin will resume its upside move to $4.3k to $4.5k if it holds “bought up quick” into the daily close which Bitcoin did that means a boost for the flagship cryptocurrency and even more spike for the altcoins.
“Beautiful daily close for BTC. Next level of interest is the resistance above us in the 3900’s. Break through there and we are on track again for my 4.3-4.5k target and alt-season.”
Another trader and market analyst, Benjamin Blunts had recently shared that though he isn’t bullish in the short-term, the bullish scenario is still in play.
“Pretty strong rejection of the 0.618 on daily. Bullish scenario might be in play here. If so, alts should pump.”
Though a pump would be coming, it in no way means we are out of the woods as if the bulls come they would be for a shorter period in the short-term as experts and analysts alike are expecting Bitcoin to see new lows when it bottoms out as Credible Crypto reemphasized while replying to his audience
“Never said it was and don’t believe it is.”
Earlier we shared how crypto trader and investor Josh Rager had said Bitcoin going below $3k is a matter of when not if. He says the ongoing prolonged bear market could stay down for months to come but rest assured that the future is not only secure rather bright.
“This down market could continue to last for months & months. But with BAKKT, NASDAQ, Fidelity (the list goes on) all heavily invested into crypto assets. It's safe to say Bitcoin and the crypto market has a bright future. I'm honestly not the least bit worried at the moment.”