Bitcoin Gearing Up for a “Strong Move”, But in Which Direction Will BTC/USD Exchange Rate Price Go?
With 24-hours gains of 1.20 percent, Bitcoin is currently trading at $5,274. According to crypto investor and trader Josh Rager, BTC is gearing up for a strong move that could be seen really soon.
Bitcoins seems to be making its move already as today it has gone from $5,161 to the highest point at $5,291 on Bitstamp as per TradingView.
After topping out at $5,300 last week, Bitcoin dropped down to around $4,800 level. Since then, the leading cryptocurrency has been slowly making its way upwards and yet again gong for $5,300 and after that $5,800 is expected to be the next target.
“BTC moving slow and steady. With the lack of volume and volatility, would really like to see Bitcoin make a strong move in the next 36 hours,” says crypto investor and trader, Josh Rager. Also, for the first time in 16 months, the EMAs have turned blue and green.
According to the crypto analyst, ScienceGuy9489, if Bitcoin breaks above the $5,260 level, it would cause another bull run and if BTC fails to exceed this level, “it would not be a bad idea to sell until this level is broken.”
#BTC breaking out above $5,260 will cause another bull run. #ETH, #LTC, #XRP, #XLM, and other #cryptocurrencies are being held back by this. Expect big gains there when this #Bitcoin resistance is broken (and sustained). This is the weekly chart, a good long term indicator. pic.twitter.com/KkjzXgjDPu
— Etherdamus (@Etherdamus) April 9, 2019
The market is certainly pointing towards the incoming of a big rally as Changpeng Zhao, the CEO of the biggest cryptocurrency exchange Binance says the data regarding the trading volume and registrations all are going up.
“We’re actually seeing – trading volume wise, system load wise – we’re at an all-time high. And user registrations jumped as well. So all indications are things are going up. Every piece of data we have is going up right now.”
In another instance, just recently, the news of China yet again talking about eliminating the Bitcoin mining has been making the rounds in the industry. But according to Mati Greenspan, senior analyst at eToro, it could turn out to be good for crypto and take BTC prices up.
“If this ban does end up happening its more likely to push BTC prices up than down. The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price. It would also serve to kill the FUD that Bitcoin mining is centralized.”
Meanwhile, In the world of adoption, Bitcoin could see another wave as PayPal recently announced that it would no longer process payments related to academic essay-writing services. The new fee structure of the payment giant is potentially alienating its users that could see them turning to Bitcoin.
Tone Vays Says There Are Two Possible Scenarios for Bitcoin in the Near Future
Bitcoin (BTC), the most popular digital asset in the market, has been operating very positively in the last few weeks. The virtual currency was able to move from $3,9390 up to $5,310 after a bear market that started in January 2018. This has created a very positive sentiment among enthusiasts in the crypto market. However, Toney Vays mentioned that there is no magic price that turns a bear trend to a bull trend.
Tone Vays Says There is No Magic Price for Bitcoin
The analyst and trader Tone Vays believes that there is no magic price for Bitcoin to change a trend. Many investors and analysts in the space believe that Bitcoin bottomed down at $3,200 in December 2018. However, Tony Vays has always mentioned that Bitcoin has not yet bottomed and that its price could go down in the worst-case scenario to $1,300.
In a recent tweet, he stated that there are two possible scenarios. The first scenario could be that he was wrong and Bitcoin bottomed at $3,000 and that the price started growing. However, the second option is that Bitcoin could have reached $10,000 but it never bottomed.
There is NO magic price that turns a bear trend to a bull trend, it's about how $BTCUSD gets to a price. I can see a scenario where I say:
"I was wrong, #Bitcoin did bottom at $3k, now that we are at $8k"
But I can also say:
"I know $BTC is $10k, but I don't think we bottomed" https://t.co/wQ26ypfV2C
— Tone Vays [Bali – Financial Summit] (@ToneVays) April 9, 2019
The first week of April was very positive for the digital asset that moved up after a very long bear trend. Moreover, March and February were the first two months in which Bitcoin registered a positive growth since July 2018.
Many other altcoins have also been growing in the last few months. Litecoin (LTC) and Binance Coin (BNB) are just two of the best performing digital assets among the top 10 since the beginning of the year. Most of the analysts believe that the market has already bottomed and that Bitcoin is entering a new bull trend.
Peter Brandt, for example, a recognized trader and analyst, believes that the market has bottomed in December. However, he says that he does not know whether we will test once again this price level before starting a new bull trend.
— Peter Brandt (@PeterLBrandt) April 6, 2019
At the time of writing this article, Bitcoin is being traded around $5,293 and it has a market capitalization of over $93 billion.
Live Bitcoin (BTC) Price:
1 BTC/USD =$58,347.1736 change ~ -0.84%