Bullish Bitcoin Signals Everywhere, BTC Price to Rise “Aggressively” Towards New All Time Highs
After going above $5,800, Bitcoin has dropped down to $5,580 level. At the time of writing, BTC has been trading at $5,611 with 24-hours loss of 1.71 percent. However, Bitcoin is still holding above the crucial spot as we reported crypto analyst Murad Mahmudov’s analysis stating that if BTC continues to hold above $5,500, it is indicative of a massive bullish upswing.
However, currently, Bitcoin BTC 3.06 is in the red and altcoins are even redder. As a crypto trader, Credible Crypto says, Bitcoin is expected to correct soon and when it does, it is likely to drag altcoins down with it, at least on the initial drop.
“Most alts are a stone's throw away from what should be their bottom, so I assume this drop on BTC will take them there,” said Credible Crypto. And until the correction has done its damage, the trader asks people to be cautious.
I'm not trading this, so trolls don't get all excited to talk trash if it doesn't play out. It is a meme after all. But IF the drop hasn't already started, this is essentially what I expect to happen in the coming days. $BTC pic.twitter.com/xN5Q6GeAQr
— Credible Crypto (@CredibleCrypto) May 5, 2019
According to a crypto analyst on TradingView, Bitcoin has a lot of open field ahead of it as he shares that the “inevitable capitulation” is upon us and shorts are piling high but the market continues to grind higher. The weekly candle is showing strength and there's still a lot of green pastures ahead on the chart. The trend is intact as he says there is a bullish momentum continuation setup on the daily.
“Despite all the hoopla going on, the weekly chart is still very bullish. Not even a sign of a bearish signal.”
Another analyst on TradingView, TradingShot is also sending off bullish signals through his analysis is in comparison to gold.
Gold doesn’t share much of a correlation with BTC but the analyst asserts that gold does tell us about the bullish continuation in Bitcoin market. He says, first of all, back in December, it gave the perfect buy signal when Bitcoin hit its bottom.
He further talks about the importance of crossroads that Bitcoin is trading on. If BTC, according to him follows gold’s early 2000s price action and its golden cross, we will continue to “aggressively” rise towards new all-time highs.
However, here elements of importance are that gold and BTC have different time frames but it shouldn’t matter as the analyst says Bitcoin’s lifespan is far shorter than Gold that is used as a store of value for centuries. Not to mention, that Bitcoin moves at a much fast pace.
It has been further mentioned that gold’s strong lift-off has been on the back of its ETF launch and BTC is not far away from it.
Apart from price, the analyst highlights the importance of Bitcoin as a long term investment. For BTC “To buy when the demand pressure is clear, accumulate, scale and hold for the long term” has worked so far just like gold. Moreover, the market bias and trading psychology are also strongly linked to both the assets and the behavioral pattern of Bitcoin’s 2018/2019 cycle is quite similar to Gold's 80s/ 90s cycle, so far.