According to a Bitcoin price analysis on CCN, the bulls have plans to take control of the market. 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;
“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.”
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
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 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. 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. 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.
Bitcoin To the Moon! Brian Kelly Bitcoin Price Prediction
According to the news of CCN; with the bitcoin price expanding as much as 30% in April so far to hover above the $5,000 level, it’s brought out the perma-bulls. Crypto fund manager Brian Kelly is among them. Brian Kelly on CNBC suggests a new peak for the bitcoin price is a no-brainer, saying in response to a question about whether we’ll see record highs:
“Without question this next cycle. You’re talking probably a two-year cycle.”
There’s a method to his madness. Kelly points to the upcoming halving of the bitcoin supply, which is planned for 2020.
“The cycle for bitcoin is usually about a year before to a year after. So over this two-year period, you will likely get this big upswing — particularly if the institutions come in — and I think we surpass all-time highs.”
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
