Bitcoin Could Soon Break Above $5,500 In The Near Future Shows Technical Indicator

Bitcoin has been traded close to $4,000 during the last few weeks, and it seems that there is a very interesting buying pressure under that level. Although it has been traded sideways, Bitcoin (BTC) has now a very positive sentiment that could help this digital asset to grow in the future.

Could Bitcoin Reach $5,500 in the Near Future?

Bitcoin has been trying to break over $4,100 during the last few days but it was not possible for it to do so. Nonetheless, Bitcoin has remained stable close to $4,000. At the same time, $4,200 is a larger resistance level for Bitcoin than $4,100.

During weekends, markets could be affected by volatility due to the fact that there is less trading volume. That means that it might be possible for Bitcoin to test both the upper resistance level or the lower support bound.

According to GalaxyBTC, a recognized Bitcoin trader and analyst, the current price action is not bullish. However, at the moment, Bitcoin is moving towards the end of an ascending triangle that could mean that a move upwards is imminent.

He said that according to Bulkowksi’s study, more than 60% of ascending triangles with declining volume end up breaking upwards with an average price rise of 35%. That means that, if the breakout is confirmed, Bitcoin could eventually reach $5,500.

According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards

with an average price rise of 35%

That gives us a target of $5500 BTC once the breakout is confirmed. $BTC pic.twitter.com/dThMCtNZDX

— Galaxy (@galaxyBTC) March 23, 2019

As the weekend is close to an end, it might be possible for the digital asset to move upwards as the trader says. However, if the buying pressure is not enough to break over $4,200 we might fall once again down to $3,800.

CNBC's Bitcoin Bull: “Buy Bitcoin” As Crypto Analysts Weigh In Is It Time to Short BTC?

Cryptocurrency fund manager and CNBC Fast Money Trader, Brian Kelly took to Twitter to call out “Buy Bitcoin.”

Buy Bitcoin https://t.co/40lxBnbZCL

— Brian Kelly (@BKBrianKelly) March 22, 2019

This shout out has been in response to the Special Counsel Robert Mueller delivering his report to Attorney General Barr on Russia’s collusion with the presidential campaign of Donald Trump. This report marks the end of the long-anticipated and high-profile Russia probe after about two years since it began. And now no more charges will be filed from the special counsel’s office.

Though it remains unclear just how much of the report will be made public, Barr suggested portion at least will be released.

A Drop Incoming for Bitcoin?

CNBC’s call out for Bitcoin has been very popular and pretty accurate when counter traded. This contra-indicator has been working since early 2017 now.

Back in August 2018, Jacobcanfield released his analysis on TradingView sharing that CNBC Bitcoin indicator gives an “insane” 95 percent accuracy for BTC.

Calling CNBC Bitcoin, a 0.78 percent Indicator whose almost every bullish tweet has been at the top of nearly every rally that gave us a very “strong” sell signal. While its bearish tweet has been a clear indicator of a short reversal. This has been an effective strategy because, it is a “perfect reflection of the emotions of average traders and investors” says Jacobcanfield.

So, it could be no different this time.

Are you shorting it again?

— Phiłip Kennedy ₿&Ł🔑 (@KennedyFinance) March 22, 2019

Currently, Bitcoin is trading at $4,024 with $0.30 percent losses in the past 24-hours. The leading cryptocurrency is about 80 percent down from its peak in December 2017 at nearly $20,000. That's why Bitcoin and cryptocurrencies are considered, just like a stock market, a risky affair. So, it's all about the level you want to be involved in and can afford to bear the losses, in case the market tanks as it did in December 2018.

In trading, as in investing, 99% of the battle is in calculating the level you want to be involved in.
Because, if you get that right, if wrong, you can have a tight stop and if right, you will have a huge risk/reward. It is all odds and maths.

— Nick Givanovic (@NickGiva) March 22, 2019

However, the upcoming Bitcoin halving in 2020 has the people bullish yet again. Currently, trading sideways and further expected to remain so in the majority of this year, this halving, which historically is a bullish event, can take Bitcoin price to $50k, $100k and even $1 million according to various experts and analysts in the coming years.

Bitcoin Hash Rate vs Price
2013-2019

Gap between Hash Rate and Price is the largest it’s ever been$BTC pic.twitter.com/XNFToZN86r

— Ceteris Paribus (@ceterispar1bus) March 22, 2019

These ups and down for Bitcoin isn't anything new as through its previous two bear cycles, Bitcoin has emerged at the top with a new all-time high every single time. But still, many, even the industry giants to the likes of Warren Buffett have called it a fraud.

The disdain of crypto reminds me of Max Plank's quote "A new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it." $btc $crypto

— Cantering Clark (@CanteringClark) March 22, 2019

However, in the last 10 years, Bitcoin has only grown whether it is in terms of going global and seeing adoption, especially in countries that are seeing hyperinflation and economic crisis or if it's the network developments, it is becoming better and stronger.

Latest BTC Price News from the Best of Crypto Pundits:

• Bitcoin Price News Week in Review: All the Top BTC Predictions in One Summary
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• Tom Lee’s Crypto Macro Factors, Bold Bitcoin is Gold Call, Sellers Exhausted (March 16th)
• BTC Was $285 Four Years Ago, $300,000 BTC/USD Binance CEO Prediction (March 15th)

What do you guys think? Can BTC price break through mid four thousands and actually hit mid $5,000s based on charts and bullish charges from main stream media?

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