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As investors wonder what to make of Bitcoin (BTC) and the altcoin market, three closely-followed cryptocurrency analysts think the biggest cryptocurrency is probably preparing for a parabolic rise.
3 Analysts’ Bitcoin Analysis as a Joint Statement
Cryptocurrency analyst Michaël van de Poppe pointed out that Bitcoin is giving bullish signals on the weekly price chart, pointing out that it continues to trade above two important technical levels despite retreating from the key psychological resistance at $ 30,000:
Bitcoin is moving upwards and testing $27,600. These are good signs. It’s holding above the 200-day moving average and the exponential moving average on the weekly timeframe. I think we will continue from here towards $38,000 to $42,000.
Kaleo, a closely followed anonymous cryptocurrency analyst, is also bullish on Bitcoin. The senior analyst noted that he thinks the largest cryptocurrency is preparing for a move towards new year highs on the way to $ 40,000 after managing to reclaim support around $ 27,000:
I’m a fan of this crash/recovery. I see this as a pretty strong risk/reward for a potential return to higher ranges. Still, $40k is still a magnet.
Another anonymous cryptocurrency analyst Bluntz, who is known in the market for predicting Bitcoin’s bottom in 2018, said that the largest cryptocurrency’s correction from $ 30,000 is likely over and BTC looks ready to continue its uptrend:
“I’m starting to get some nice candles for BTC on a daily basis after Friday’s bearish reversal to bullish. If this three-wave ABC decline is complete, new highs are potentially on the table. Investor sentiment seems to have reversed here and many are now expecting more downside to come.
The Latest on Bitcoin
Bitcoin, the world’s largest cryptocurrency with a market capitalization of $520 billion, is changing hands at $26,826, down 1.46 percent in the last 24 hours at the time of this writing.
The data shows that BTC has fallen 2.67 percent in the last 7 days and over 10 percent in the last 30 days.
