GalaxyBTC Crypto Analyst Thinks February 8, 2019 Could Be the Start of a Bitcoin Bull Market Rally
Earlier today, the price of Bitcoin witnessed a surge of over 10%– thereby allowing the premier alt-currency to break through its stubborn resistance region of $3,480-3,500. This sudden increase came after weeks of stagnancy, which saw the flagship asset dip to record lows over the course of the past year or so.
However, the question that now needs to be looked into is whether or not BTC can continue its strong performance in the coming few months.
Expert Says BTC Will Rise To $6,000
A few hours ago, well-known online crypto analyst ‘GalaxyBTC’, who has a Twitter following of around 47.8k users, noted that the current price action being witnessed by BTC was similar to a technical indicator that is commonly referred to as ‘Adam-and-Eve’. As a result of this, the analyst now expects Bitcoin to move even further and scale up to a price point of at least $6,000 by the end of next month.
— Galaxy (@galaxyBTC) February 8, 2019
For those of our readers who may not be aware of what the ‘Adam-and-Eve’ technical chart is, it is essentially a ‘double-bottom indicator’ that is representative of bullish momentum that might be incoming for a financial asset.
According to GalaxyBTC, if Bitcoin is able to break past its Adam valley high of $4,390, it will most likely start on its journey towards a full-fledged economic recovery.
More On The Matter
Realistically speaking, before Bitcoin can scale up to its envisioned $6k price mark, the digital currency has quite a few resistance barriers to cross.
On the subject, another well-known crypto expert Eric Theis stated that the ongoing uptrend is part of ‘channel formation’ that has been seen quite a few times over the past few months.
Deja Vu pic.twitter.com/CGaZx9FmrN
— CryptoThies 📈 (@KingThies) February 7, 2019
As can be seen from the chart above, BTC is currently placed inside a ‘falling wedge pattern’ — which means that that the asset could see short-term bullish action, following which it would once again consolidate sideways.
In closing out this article, it is worth mentioning that this latest bull run comes at a time when Robert J. Jackson Jr., one of the commissioners of the Securities and Exchange Commission, announced that the government body was all set to approve of a BTC-based exchange-traded fund in the near future.
Last but not least, it should also be noted that VanEck’s ‘Gabor Gurbacs’ recently spoke with a media outlet wherein he claimed that the introduction of a regulated Bitcoin ETF into the market would
“attract at least a billion dollars worth of investment into the digital currency space”.
It now remains to be seen what the future has in store for Bitcoin.