Bitcoin has faced a positive trend for the past few days. The cryptocurrency spiked for over 20% in 48 hours to $9,500.
The prices have maintained at $8,800, with BTC maintaining a support level of $8,500 and a resistance level of $9,000.
According to Wall Street, this is a sign that BTC has just started a significant upsurge in the crypto market.
An article done by David Grider, the lead strategist at Fundstrat Global Advisors, which is a Wall Street analysis firm, indicates that Bitcoin is bullish and moving forward. According to him, the halving even is just a catalyst for what is set to happen.
According to MarketWatch, Fundstrat predicts that the cryptocurrency may double in the coming one year to $14,350.
Thomas Lee, who is the co-founder of Fundstrat, suggests that Bitcoin’s track of performance is a confirmation that Bitcoin will not only benefit from the halving but is also a great asset and a proper hedge from calamity.
Bitcoin has acted extremely well. YTD, it is outperforming equities by a sizable margin. So, proving itself both as a solid risk-on asset (look at today) and as a hedge vs. calamity. – we are also positive on the supply/demand impact from the upcoming halving.
Thomas Lee (@fundstrat) April 30, 2020
Apart from the analysis done by Fundstrat, some other technical sings and signals strongly suggest that Bitcoin is entering a bull phase.
According to a report done by Bitcoinist, BTC’s trend in April helped the cryptocurrency to rebound and rise to above one of the critical levels of the Ichimoku cloud in a period of one month. This is a positive key indicator for the crypto as the last time it ever reclaimed that level was in 2016 when it was trading at $500. This was followed by about 4000% rally leading the cryptocurrency to $20,000 in a period of 20 months.
In addition to that, the cryptocurrency made a lot of progress by reaching the $6400 level without much resistance. Many expected that it would be a support level, but it surpassed it. This has been an essential element for BTC in the past 18 months, as it has been a turning point for the crypto market. It was a sign that Bitcoin was getting into the medium-bull trend.
Image from Flickr.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
How about some social? Follow us on Twitter!