Don’t Sell Your Bitcoin, Says Analyst, Who’s Trading Software Predicts BTC/USD Stairstepping Higher
The wild world of crypto had reason to rejoice this week as the price of Bitcoin was able to break above $5,000 for the first time since November 2018. This came after months of a steady bear market that saw the price of Bitcoin plunge from around $6,800 to less than $4,000.
For many, this was a sign that the Bitcoin market could indeed recover and perhaps rise back to its peak price of around $20,000 which it saw in 2017. Despite all of this, there are still people who aren’t confident about bitcoins longevity and believe it will fail, as has been said since the very first bear run.
However, there are people who have publicly spoken in favor of Bitcoin and the latest to do so is Todd Butterfield, an analyst at the Wyckoff Stock Market Institute.
On a Wave
Despite the endless prophecies that bitcoin will collapse into itself, Butterfield feels otherwise. His feelings are based on the Elliot Wave chart. The chart has accurately predicted the 25 percent price spike and should this winning streak continue, Butterfield says there will be no reason for anyone to sell their bitcoins.
“Updating the bullish #Elliott wave count I showed for $BTC at $3,900. My two cents worth, please do your own research. Our software does not show any real sell reasons so I think we keep stairstepping higher,” a tweet by Butterfield says.
Other things to note about the chart is that the price of Bitcoin is expected to fall back to $4,900. After this happens, the price will fluctuate between $5,000 and $5,700 until the end of May 2019. After this, a bull run will take place and the price will rise to around $7,200.
Not The Only One
Butterfield isn’t the only one who is optimistic about the future prospects of Bitcoin. Another person who has recently spoken out about in favor of Bitcoin is Brave New Coin’s Josh Olszewic. According to him, the recent movement of the Bitcoin price has risen above the Ichimoku Cloud for the first time in over a year. The Ichimoku Cloud is an indicator of market support and resistance, with the price of Bitcoin trading above it all through the last bill run.
With all these charts and indicators, it is possible that a major bull run is in the near future, which would be a welcome end to the current market situation.