Bitcoin Long-term Indicator Is Bullish For The First Time In 4 Years – Will Bitcoin Recover Above Its All-time High?

Will Bitcoin go up again? Will Bitcoin recover? When is the next Bitcoin bull run? These questions and many more have been the center of cryptocurrency related discussions. Many people in the industry are eager to find out when Bitcoin will recover. Industry leaders have been offering Bitcoin price predictions 2019 to ease the minds of investors. The Tim Draper Bitcoin price prediction and Tom Lee Bitcoin price prediction 2019 have been some of the most bullish in the space. However, for the first in the past five years, the Bitcoin long-term technical indicator has revealed that the bulls are in full control of the market. According to a Bitcoin price analysis on CCN, the bulls have plans to take control of the market.

Bitcoin CCN News – Bitcoin Price Prediction 2019 – Long-term Technical Indicator Reveals That The Price Of BTC

After the price of Bitcoin broke above the 200-day moving average, it started recording gains against the USD along with virtually every other cryptocurrency in the market. In fact, altcoins were recording higher gains than Bitcoin. This was followed by a market wide price correction which appears to be coming to an end this morning. Breaking the 200-day moving average was also done for the first time since the year 2015. This is the key indicator for the long-term trend as every digital asset investor knows. In 2015, after Bitcoin crossed the 200-day EMA, traders started accumulating for an extended period. Between 2015 and 2017, the price of Bitcoin increased from $250 to almost $20,000. This is an amazing 7,900% increase. A cryptocurrency trader had this to say about the development;

Bitcoin (BTC) Price Today – BTC / USD

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“BTC about to have its first bullish 20-200 SMA cross since Oct 2015. Note that it took 2 of these crosses before the uptrend began. I’m not usually one to try and call out absolutes like ‘the bottom is in, but it’s certainly shaping up like that could be a real possibility.”

From the Bitcoin price action, other technical indicators showed that there is a strong global demand from investors especially in recent weeks. Even the Bitcoin futures contract is becoming a more interesting option for investors. CME reportedly reached a new high of 22,542 contracts on the 4th of April. The Bitcoin futures contracts were worth about $524 million.

Bitcoin Futures volume plays a key role in evaluating the cryptocurrency market trend. This is because it accounts for a significant part of the total Bitcoin trading volume. The current price action of Bitcoin is positive short and long-term. Traders are optimistic that the cryptocurrency winter is over and a new season has started.

Bitcoin Price Prediction – Will Bitcoin Go Up Back Again? Will Bitcoin Recover Significantly This Year?

At the time of writing, the price of Bitcoin was $5,274.61. This shows that it is up by 1.21% against the USD. The trading volume over a 24 hour period is $14,014,085,571 while the market capitalization is $93,032,614,034. If the bulls continue to control the market, the price of Bitcoin will most likely go as high as $5700 soon.

Over the past 30 days, the price of Bitcoin has increased by more than 25%. Whether or not the price of Bitcoin will sustain the upward momentum is unclear. There is a chance that the price of Bitcoin may remain relatively stable for the next few months.

What do you think about the Bitcoin price prediction 2019? Will Bitcoin go up again? Will Bitcoin recover higher than it currently has? Share your thoughts in the comment section.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.


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