BTC Price was $3,939 Exactly Two Weeks Ago, Analyst Compares Vibes with 2017 Bull Market
Some people believe Bitcoin is on the verge of the next bull run. While others are still wary of saying that the token has finally left the bear market, but the sentiment is definitely positive. Now, Ran NeuNer, an analyst from CNBC, has affirmed that this positive sentiment is similar to the one people had back in 2017.
But before the overview of the btc price analysis and investor sentiment examination from a popular crypto market tv show, the reflection point of just two weeks is in order. Despite on when entering the crypto-asset market, the price of bitcoin was $3,393 BTC/USD just two weeks ago on March 25.
Now, it is currently trading at $5,280 with a high point of $5,310 so far this week on April 7th as many believers are starting to spark up the debate and bark up the bitcoin-money tree once again. That's a $1,371 swing for all of the math wizards who are wondering if Bitcoin has any life left to it after its ongoing 16 month downward trend from highs of $19,000+ and lows of $3,100 USD so far.
Here is the CoinMarketCap chart showing $BTC at $3,393 USD just 14 days ago.
Now, the crypto market has surged $45 Billion with $36B coming after April 1, 2019.
Live Bitcoin (BTC) Price:
1 BTC/USD =$48,222.0106 change ~ -5.30%
The host of CNBC’s Crypto Trader has affirmed the current mood in the market is exactly like the one from 2017 when the currency was about to see its price skyrocketing. This means that Bitcoin is set to have some huge gains in the industry if it is able to keep increasing its price like it is at the moment.
CNBC And Inverse Crypto Predictions
Some curious theory is floating around the web now about CNBC and its theories. Despite being one of the leading financial sites in the United States, the crypto community does not love CNBC. A crypto trader called Jacob Canfield has recently pointed out that CNBC is wrong very often and that it the price of tokens go down 95% of the times that the media giant affirms that it will go up.
However, the man was also called out for exaggerating and cherrypicking tweets from the company in order to create the narrative that he wanted, so you may not believe him with so much certainty when it comes to bitcoin price predictions.
Is The Crypto Trader NeuNer Right About the Bull Market?
Only time will tell whether NeuNer has been spot on in his latest prediction or if he missed the ball completely. He is also the founder of Onchain Capital, a crypto company, and is very respected in the crypto community, so unlike what some people would like you to believe, he has some influence and respect in the market now.
He was accused of creating a lot of hype for things that did not exactly happen, though. A famous case was the “Coinbase pre-IPO”. He reported for several weeks on an Initial Public Offering (IPO) which never actually happened. He even used the pre-IPO term, but none of his predictions actually became the truth as he was hoping for.
Now, however, what he is saying is not really based on some baseless “insider information”, but on feeling the market and crypto market is making a huge shift pro-Bitcoin this month.
Some other people have recently defended Bitcoin as well. They include Tom Lee, the founder of Fundstrat. He said on CNBC that Bitcoin’s “real value” is around $14,000 USD a piece, so the token is actually very underpriced at the moment and we will see a correction soon.
A lot of people believe that Bitcoin has really reached its bottom, so the only way forward now is up, a sentiment that seems to be shared by an important part of the crypto community. Switching gears from Mr. Crypto Trader, let's analyze the final piece.
BTC Recent Spike Confirms Bottom for Some Analysts
As above, following the recent Bitcoin (BTC) price surge above the $5000 mark to break a five-month high, a good percentage of traders and investors have been led to believe that BTC might be on another verge of massive bull run as CNBC's host clearly relates 2017 to 2019.
While that might not be case, the recent surge is surely a positive indication of something else.
The Signs are Good
2018 was a year to forget for the crypto community, with most cryptocurrencies losing more than 80 per cent of their peak values by the end of the year.
Towards the end of the year, following the steady decline from BTC’s 2018 opening valuation of $17,000 to less than $3500 by the end of the year; the ‘crypto bottom’ was one point that analysts failed to predict.
With the crypto market headed for a trying winter, each new found bottom was hoped to be the last of lows for not only BTC but other cryptocurrencies. The general nosedive would not end however, as 2019 started as tamely as the dour end of last year. BTC has since picked up from early parts of February and so has the crypto market too.
The climb has been slow but steady, and BTC recently took a leap following a mysterious 20,000 BTC order, a climb it seems intent on pursuing.
The Bear Bottom is Here
The signs are good, and the mood in the crypto community is once again lightened, but traders and investors shouldn’t get their hopes to high just yet, according to known analyst, DavetheDave.
The long-term trend chartist shared his view on Twitter, confirming that the recent surge of the crypto market is not a sign for a massive bull run, but is surely enough sign that the bear market bottom might just have been confirmed.
While the crypto market might not run away through the roof with record-breaks just yet, he expects to see only higher lows from now.
The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows. ~ Dave the wave
The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows.
The new resistance level has been set at $6000 for BTC’s price which is currently valued at $5,280 at press time. If Bitcoin breaks the $6000 support level, the bear market bottom would be widely considered to be over, and buyers would be believed to have now assumed control—a boost for traders and investors. Make sure to read the below for today's top story line of an alleged $btc value prediction gone right.
Where did all the Bitcoin haters go that said Bitcoin was going to zero?!
— Pomp 🌪 (@APompliano) April 8, 2019