With the new bitcoin bull run, cryptocurrency optimists are sticking it up to critics that bitcoin (BTC) has actually seen the lowest point of the crypto winter. As Smartereum reported, a number of cryptocurrency analysts called what they believed to be the bottom of the 2018 cryptocurrency crash only to see BTC descend to new lows. The lowest point BTC reached after the crash was around 3,191 in December just before the Christmas rally. With bitcoin now comfortably above $5,000, some traders are saying that talks of a bitcoin bottom are done and dusted.
Crypto Analyst Says Bitcoin Bottomed at $3,100
Jonny Moe, a popular cryptocurrency trader, and technical analyst said that the low witnessed last December is the real bottom of the last crypto crash considering the recent bitcoin uptrend.
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.”
According to a report on cryptocurrency news outlet Ethereum World News, the theory of bitcoin bottom at $3,000 makes sense for two main reasons:
- Retail investors had put in many buy orders in the $1,800 to $3,000 range when bitcoin was in the decline and analysts expected more drop in price. However, despite the effect of the orders, bitcoin went up instead proving that it had reached its lowest point.
- Secondly, the $3,100 point represented an attractive investment opportunity for institutional investors and whales to accumulate cryptocurrencies. Having attracted investments at that low, BTC is unlikely to go back to $3,100 or lower.
The theories were put forward by Josh Rager, a member at crypto exchange startup Level
Bitcoin Price to Enter Bullish Trend towards New ATH
Furthermore, Moe explained that bitcoin was entering a new bullish region judging by the 20-day and 200-day moving average (MA) cross since Oct 2015.
“‘$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…This is a slightly faster version of the famous “golden cross,” which is typically a 50-200 cross”
Current Bitcoin Bull Run Mirrors past Bullish Trends
As Smartereum reported, other prominent cryptocurrency analysts have drawn parallels between the current cryptocurrency bull run and the last bitcoin surge tracing the charts as back as 2015. Peter Brandt a, classical technical chart expert, showed how the bitcoin price movements were lining up perfectly against the chart from 2015 which eventually led to cryptocurrency all-time highs in 2017.
Ran Neuner equally suggested the current bitcoin Bull Run is shaping to be like the last one with respect to the market sentiment. He wrote: “The mood feels exactly like the run-up to the previous bull market.”
For his part, Moe told followers that lust as it does now, BTC chart also showed 2 bullish crosses before the full uptrend in 2015.
BTC Must Pass $6,200 to Prove It Has Bottomed
Cryptocurrency analyst Vinnie Lingam while speaking to Ran Neuner’s on CNBC’s Crypto Trader show, insisted that BTC price much reach $6,200 or analysts to conclude that bitcoin bottomed at $3,100. According to him, the past bitcoin cycles indicate that bear trends usually ends when the price gets two-times the bottom.
Bitcoin Price Prediction 2019
BTC Price Today
At the time of writing, 1 btc to usd is $5,276. Following the Bitcoin Bull Run, BTC has maintained its price above $5,200 mark but is yet to test $5,350 which analysts believe will trigger the next phase of the bitcoin Bull Run.