Bitcoin Price Hovers at $5,333 BTC/USD, 123 Days Since the Bottom as Market Spikes $40 Billion
Bullish Crypto Market Proves Positive with $40 Billion Surge
In just one-month Bitcoin has jumped an amazing 31.3%, supported the giant $40 billion gain for the entire cryptocurrency market. BTC isn’t the only coin to skyrocket, Binance Coin, with its new release of a private blockchain has seen a price increase of nearly 404%. Enjin Coin has proved to be another heavy hitter with an overall gain of 266 percent.
Bitcoin is now in a bullish market, positively soaring in price with, ““The 2W MACD has crossed in a buy signal on BTC. We opened at approx $4,000. The last time it happened? May 2015. Bitcoin opened around $240. We can still drop in accumulation, but the bottom is in ‘folks,” according to cryptocurrency tech analyst.
Bitcoin, having climbed to over $5,000 and climbing out of the sticky $4,200 muck it had been in, is coming up in the second quarter of 2019. A total price jump of 41.7% proved Bitcoin is still one of the most desirable cryptocurrencies on the market. The climb happened fast, continually developing over the last four months or so without dropping back to its normal price point.
A lot of people are seeing this as a price prediction of sorts according to what one crypto trader had to say about it, “Bitcoin has now gone 123 days without a new low. It’s up 65% from December. Don’t get caught picking up a penny in front of the steamroller that is a bitcoin bull market.”
The 2W MACD has crossed in a buy signal on $BTC. We opened @ approx $4k.
The last time it happened? May 2015. #Bitcoin opened around $240.
We can still drop in accumulation, but the bottom is in 'folks. pic.twitter.com/5X7Dc9qc5S
— CryptoThies 📈 (@KingThies) April 16, 2019
Today's Bitcoin Price Hovers at $5,333 BTC/USD Exchange Rate
The trader as well as others also believe BTC bottom line stable price point has also risen, not likely to drop below $5,000 again. Why would this prove right? Apparently, the fact that BTC has been over the $4,200 mark for over three months holds some weight for the cryptocurrency’s future. Bitcoins stability proves beneficial for the market, even the smaller altcoins on the market over shorts.
Something else is happening though that people are paying more attention to, the rise of Binance Coin. By far, it has been the most lucrative coin for investors, even proving to surpass Bitcoin in gains. Some are even calling the BEP2 the new standard for tokens around the globe.
No other token including Ethereum, Ripple and Bitcoin have proven to be as popular with investors over the last year to year and a half. With the release of Binance Chain and the company moving all tokens from Ethereum to the new blockchain as this is written, it’s likely we’ll witness an even greater increase in BEP2 prices in the upcoming weeks and months. So, for now, the two main cryptocurrencies investors are watching is Binance Coin and the granddaddy of them all Bitcoin.
Hope in Bitcoin and Cryptos Remain Intact
The crypto market was barely heard of when it first made an appearance. The first of its kind, as we all know, was Bitcoin [BTC], the giant digital asset that flourished as a result of the 2008 financial crisis. This being said the overall “attraction” was first felt in May 2017. Then we have a new milestone where Bitcoin reached its ath of USD$19,783.06 back in December 2017.
Since then, many had doubts as to whether or not the crypto market will be promising. However, it seems like the faith in crypto has not died off altogether. A recent NewsBTC post expressed said faith and how a bull run could be in the making. This was backed up by tweets made by Ikigai Asset Management’s CIO, Travis Kling, as seen below:
The last bull market was crypto’s first time on the global stage.
In late 16 the vast majority of the world had no idea what any of this was or what its potential is.
This time is different. Awareness is massively higher. That’s going to make reflexivity act that much crazier
— Travis Kling (@Travis_Kling) April 18, 2019
Taking to a Twitter user’s comment to his tweet, Kling also shared that the crypto world hasn’t been completely built and that it will get to that point from stage to stage. In particular, he said:
“The space still has a TON of growing up to do; much more infrastructure to be built out; UX improvements; etc. But there’s a good chance BTC hits $10k this year and when it does there’s a whole pile of capital that says, ‘wow that thing’s already roaring back huh?’”
Can a New 2019 Bull Run be Expected?
His claim on BTC reaching 10K was not backed up by any reasoning per say and could be due to his confidence in relation to the “awareness” on the crypto sphere. While one might argue that his reasoning is not strong enough, considering how far we’ve come thus far, it could mean something.
More specifically, the crypto market garnered much negativity, but today, many firms are considering the likes of blockchain technology (if not so much crypto). We’ve come from mentioning the term, “BTC”, to seeing the presence of crypto ATMs, real-use cases, media attention and movies either making reference to cryptos or being included as part of the plot.
Is a bull run close by? Are there any new predictions in place? With BTC’s current price sitting at about USD $5,233.72 – overcoming the $5,000 resistance level, the uncertainty remains.
Make sure to check out this Bitcoin price analysis chart that explains bitcoin stock-to-flow- multiple:
New #bitcoin chart: Stock-to-Flow Multiple
Like the Mayer Multiple (bitcoin price / 200w moving average), SF Multiple (bitcoin price / SF model price) indicates tops and bottoms.
– ATH 2011, 2013, 2017 is 3-13x
– bottom after ATH = 50%
– after halvings price lags SF model price pic.twitter.com/bqB854rxA3
— PlanB (@100trillionUSD) April 19, 2019
And just in case any bitcoin traders and investors want a real-time overview on whether or not the BTC price has bottomed as well as the crypto market floor being set, make sure to check out Tone Vays who is live right now:
Has #Bitcoin Bottomed? In 12 hours at 11am ET (3pm UTC), an epic discussion on the $BTCUSD price will take place w/ @woonomic @MustStopMurad & @kenoshaking vs @LucidInvestment @venzen & myself. Gonna be a Classic!https://t.co/JtvCfBVygA
— Tone Vays [Vegas – Unconfiscatable.com] (@ToneVays) April 20, 2019
What are your thoughts on this matter? Is awareness enough to drive BTC’s prices? Let us know in the comments below.
Live Bitcoin (BTC) Price:
1 BTC/USD =$46,369.3725 change ~ -1.98%