Bitcoin Bulls Ready to Strike as Bears Get Destroyed, BTC Price Nears $5,350 for 2019 High
The leading cryptocurrency is currently riding above $5,348 after taking a hike yesterday. At the time of writing, BTC/USD has been trading at $5,320 on Bitstamp with 24-hours gains of 0.99 percent.
After shooting above $5,400, BTC took a dip to $4,955 on April 12th. Since then, the flagship cryptocurrency has been making its way upwards.
Bitcoin is already on a good start in 2019 as it is up 43 percent till date this year. As for its all-time high, it is currently, 73 percent down from its peak.
What would you rather invest in?
Bitcoin at $92 bil valuation
Uber at $90 bil valuation
One is competing as a global money and the other lost $1 bil last quarter
— Joseph Todaro (@j3todaro) April 17, 2019
BTC on a Literally a Textbook BARR Bottom
According to crypto trader B.Biddles, Bitcoin is following a textbook (Encyclopedia of Chart Patterns by Bulkowski) BARR bottom to a T. However, the pattern is still unfolding that means it could fall. But Biddles points out that fact that fundamentals are bullish and adoption is rising, that makes him lean upwards.
“BARR bottom calls for 57% difference b/t low point and bump. At $3200 bottom on dec. 16, our current $5k support fits that narrative to the T. ((3200*.57)+3200)=$5024).”
According to the pattern, the trader notes, the right move is to wait for a breakout and in Biddles opinion it means “5.5k s/r flip” while others are calling for $6.2k. On the reverse, he says, this means a break below $4.6k. But per this pattern, anything in between is “risky”.
— b.biddles (@thalamu_) April 14, 2019
A Surge to Above $5,700
Though Bitcoin seems to be going upwards, experts are expecting a correction here. According to a latest scenario shared by crypto analyst MustStopMurad, BTC could see a drop to $5,271 or further down to $5,188 here only to rise to around the $5,740 level which is the support from July 2018.
Moving forward, this high would at some point will take a drop to $4,829. Murad’s fall in this scenario goes to around $4,800 while many analysts are expecting it to go down to $4k level.
A hike looks like a real possibility here as Bitcoin cross is about to happen. Just like in 2015, the 1D MA50/MA200 Cross (Golden Cross) is about to take place that shows an upside move.
In 2015, it happened in July following the bear cycle’s bottom when BTC pulled back by about 35 percent. Then the price rebounded towards a death cross that had it consolidate before a new and final golden cross pushed Bitcoin to new highs. While there are many btc price predictions to go on, this is a comprehensive BTC/USD chart analysis to study and understand.
“Golden cross trajectory now April 24. (Was previously April 25). Should be interesting. Lot of hype that this is the “bull run” signal. If I were a bear or bull whale, that's when I'd strike. Bull whale rides momentum of GC traders. Bear whale destroys their morale,” said Biddles.
$BTC. Golden cross trajectory now April 24. (Was previously April 25).
Should be interesting. Lot of hype that this is the "bull run" signal.
If I were a bear or bull whale, that's when I'd strike.
Bull whale rides momentum of GC traders. Bear whale destroys their morale. pic.twitter.com/wwDWxJ5dJh
— b.biddles (@thalamu_) April 19, 2019
As we recently reported according to the latest report by Adamant Capital, Bitcoin is in heavy accumulation with bottom seems to be near but it cautioned that we could in fact fall lower. So, it’s to be seen how low BTC is going as a correction is expected to be a sure thing.
Fascinating. Even the bearish side is a lot closer to 50% https://t.co/HM4LUNQ1n4
— Thomas Lee (@fundstrat) April 21, 2019
While the debate will surely rage on for whether or not the bitcoin value has bottomed during this prolonged bear market, in which December 17, 2018 saw a low of $3,200 roughly so far, many remain bullish about the upcoming summer and fall seasons for bitcoin.
— teklordz (@teklordz) April 20, 2019
And just acknowledge one thing from one of the crypto twitter's fearless leaders and contributors:
Bitcoin is only risky to those who don’t understand it.
— Pomp 🌪 (@APompliano) April 19, 2019
But to conclude this bitcoin price forecast and analysis recap from some of the biggest and best names in the ecosystem, let's drop this insight as something to chew on moving forward.
Based on this daily fractal we should get another chance to buy $BTC at $4600-$4800 levels before the next run to $6800.
Similarities in both candles and volume. pic.twitter.com/IGivErxz5Q
— Galaxy (@galaxyBTC) April 20, 2019
While any $BTC exchange rate value range within $4,600 – $6,800 seems risky to play the field with, just remember we are nearly 1 year out from the magic of the bitcoin halving.
The Bitcoin halving is only 1 year away.
How are you preparing for it?
— Tom ₿ 🎙 DYOR (@DYORPodcast) April 20, 2019
It goes to show awaiting the bitcoin halving before getting involved may not be the smartest move as $BTC has already proven to be the best asset class of all 2019 to date:
Bitcoin $BTC: +39%
Oil $USO: +38%
Nasdaq 100 $QQQ: +22%
S&P 500 $SPY: +17%
Small Caps $IWM: +17%
MLPs $AMLP: +16%
REITs $VNQ: +15%
EM $EEM: +14%
EAFE $EFA: +13%
Commodities $DBC: +12%
High Yield $HYG: +8%
Investment Grade $LQD: +6%
Bonds $AGG: +2%
Gold $GLD: -1%
— Charlie Bilello (@charliebilello) April 19, 2019
Live Bitcoin (BTC) Price:
1 BTC/USD =$49,659.0991 change ~ -3.72%