Here’s Key Factors Why Bitcoin Bull Run may Officially Start this Month
Looks like May is going to be a very green month for Bitcoin, given the way it keeps on making new highs of 2019. First BTC saw $5,600 only to go above $5,800 and now in the past 24 hours with gains of 3.27 percent, Bitcoin climbed above $5,900 reaching close to $6k.
Today Bitcoin went as high as $5,970 at one point on Bitstamp while going to $6,325 on Bifinex. Currently, BTC/USD is trading at $5,870 primed for more gains and crossing the $6k mark.
Crypto trader and investor, Josh Rager while sharing an inverted chart of over $6k says on high time-frame, the leading cryptocurrency is heading to ”at least $6,130.” The ongoing price movement has him extremely positive of this scenario from where he says, we would make a pullback to $4,100 that would set up “nice” opportunities.
Putting Together The Factors To The Bull Run
Since Bitcoin first went from $4,100 to above $5k in an hour, traders and analysts have been calling out for a pullback. However, since then, the flagship cryptocurrency to the most part only kept on surging except for the drop to $5,150 during the last week of April after the Bitfinex and Tether disaster.
While BTC/USD shorts keep on rising and experts calling out for a drop, Bitcoin keeps on trending upwards, not putting mind to anyone.
However, when it comes to the drop that has been believed to be inevitable we would be seeing higher low and might not get to see the trip to 2018’s yearly low at $3,200. Crypto analyst, Willy Woo, who believes bitcoin has bottomed took to Twitter to share that he is 95 percent certain the market has bottomed which according to him means we are
“unlikely to break below past lows.”
However, it doesn’t mean the bull market is confirmed just yet. For this, he says we need to “successfully” retest the 200 days MA and Realised Cap, both of which falls around about $4,400 at the moment. If we do not retest that level, then we need to stay above this for a sizeable time, which according to him means about another month.
“We also need price to be validated with on-chain volume mooning from here. We'll likely get that confirmation soon in the next 4-8 wks. (I personally think the April 1st break above $4300 will be remembered years ahead as the start of the 2019 bull market),”
We Might Have Already Kicked Off The Next Bull Run
For Willy Woo, these factors need to be covered for getting the confirmation of a bull run, however, according to crypto trader Moon Overlord’s Bitcoin update from earlier this year, we are just at that point.
Sir, what is this magic that I see pic.twitter.com/vjSG0c65Ms
— Josh Rager 📈 (@Josh_Rager) May 6, 2019
Pointing to the block reward halving event scheduled for May 23, 2020, that still has 382 days left, he shared how traditionally, Bitcoin has started pumping about 1 year on an average before this bullish event date.
This means, the uptrend according to him will begin in May of this year and we are already in the month that has started making waves signaling they we just might have embarked on our new journey to a new ATH.