Analysts Predict That Bitcoin Bulls Will Rally If The Price Moves Across Key Trendline

Bitcoin Trading

Bitcoin News Today – Since the beginning of the year, Bitcoin trading price has surged more than 200%, the price has been doing well so far this year. Although the recent Bull Run was a result of speculations and anticipations that the world’s biggest companies were looking the way of Bitcoin and cryptocurrencies as a whole, these companies comprise the likes of iPhone and Facebook. There seems to be a recurring event in the trading price of Bitcoin, as the current Bull Run is similar to that of early 2017. Hans Hauge, a senior qualitative researcher at crypto investment fund Ikigai, stated, “Our current level of reserve risk is equivalent to where we were in the early part of 2017, that was right before things got really crazy and six to nine months before the bubble burst, bitcoin was around $1,000 to $2,000 at the time.” He further added in his tweet “Bitcoin bubble tops are identified with a dark red cluster of adjusted binary bitcoin days destroyed until that happens, we’re not at the top. Public opinion is key here because that red cluster is caused by the assumption of the crowd and is self-fulfilling.”

Bitcoin Bull Run – Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Bitcoin Bull Rally is Over Should Trendline Breaks

Although in April, momentum picked up with a $1,000 increment after which the coin has been on a fluctuating trading price. There seems to be light at the end of the tunnel for the coin as it seems Bitcoin cross support, this action might avert the declining of the coin below $10,000. Looming doom for the bulls if Multi-Month Bitcoin Trend line breaks. After April’s $1,000 dash, which effected altcoins, the coin faced minor corrections before declining back above the key FOMO trigger level of $10,000. Among the correction is a check of support at $7,500, after which a trend line started which is yet to break resistance, in spite of several tests of its support. Currently, a break below the trendline could danger for the coin, as it is currently trading at the trend line.

In a recent Bitcoin price prediction, a crypto analyst stated that a break of this key trend line “means it’s all over” for bulls. This simply means that a powerful break below the trend line could see the coin revisiting the support level at $7,500 where it all began unless bulls can make a resilient shove toward the top of the support level, thereby breaking above $11,750, and ending the daily dash.

A bearish collapse could trigger widespread anxiety across the already shaken crypto market, currently, the crypto market is at its lowest on the fear and greed index in the history of the metric. This is due to the significant decline in altcoins. The trading value of altcoin trails after BTC, a decline in the trading price of Bitcoin could either instigate altcoin to rally or decline their USD values, in cases where they drop massively.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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