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The cryptographic sphere has now seen three consecutive days in the green, leading many to hypothesize a serious recovery. Any recovery that occurs, we know, will have to start with Bitcoin (BTC-USD).
Thus, the case of the bullish price of BTC-USD makes the idea of an even juicier market recovery. And when highly visible technical analysis within the cryptographic space requires that BTC-USD prices increase by more than 20% in addition to this week's earnings, it starts to look like from the beginning of 2018 everywhere.
The first of the analysts predicting a BTC-USD price of more than $ 4,000 has been published on Coindesk, perhaps the main site for encrypted news. Of course, this does not mean that the analyst is right, but there are signs on the hourly and daily charts that suggest that the BTC-USD hit a resistance line at $ 3,633 and has developed above.
Here is part of this analysis:
And the conclusions of the author:
- The Tuesday closing above $ 3,633 confirmed a short-term bearish to bullish trend change.
- BTC-USD will probably test the psychological level of $ 4,000 over the next 48 hours, with the next target of resisting $ 4,410 (November 29th high).
- A daily close below $ 3.63 would weaken the bullish scenario but would seem unlikely in the short term.
This was repeated by an analyst on YouTube (before guffawing for this, his track record on the market for this year is quite solid) that emphasizes not only the BTC-USD that breaks through the $ 3.6333 but also the capitalization of the entire crypto-industry market hit about $ 100 billion and suffered a rebound (added nearly $ 25 billion according to coinmarketcap).
Believe what you're listening to (but maybe you'll watch the video before making a hypothesis), but BTC-USD has certainly led to a market recovery, perhaps temporary, in recent days.
Next goal
Both analysts discussed above have an analysis showing that the next major resistance of BTC-USD is at the $ 4,400 level – which means that Bitcoin still has room to rise before reaching a battle level. Obviously, those charts do not include some of the short films coming from those who see the rapid rise in price and want to try to reproduce the correction. This will certainly lead to greater resistance between $ 3700 and $ 4,400 levels.
Peter Brandt, a trader who predicted the outbreak of Bitcoin's all-time high, says we may see a rebound of $ 4,600 but that it would be a "rebound of the dead cat". He also said that we could see prices fall below $ 2,000, especially if the Bitcoin drops below the psychological level of $ 3,000.
Is it still tied up again?
As with all major market movements, people are speculating about what caused the increase. Personally, I believe that part of it comes from the Bloomberg report on Tether, which could actually have bank holdings to cover all the USDTs issued. It's still a bit of a mystery what's going on there, but Tether's news has a track record of influence on the market. During the bullish season of the end of 2017 and 2018, the only days when the market saw a serious red were reports on Tether as a scam (and in October we saw the exact opposite).
As reported by Forbes, however, the increase in Bitcoin prices may be due to the return of a growing positive sentiment in the value of money. It may also have to do with blockchain activity reports growing in 2018 despite the market crash.
We will still see $ 4,000 BTC
I think the answer is yes. The 2019 Bakkt has led many people to be optimistic about the kind of money that could come in and buy Bitcoin, especially what might seem like a discounted price.
However, the short-term analysis that requires $ 4,400 could simply be too optimistic. For Bitcoin to grow 20% more than 10% growth over the last three days is a substantial set for a cryptic industry still plagued with educational problems, hacks, market manipulation, and it's not yet the (good) way to institutions to put money safely in the digital currency system.
In short, it has not changed enough to stimulate the type of BTC or the market growth in a flash. This time it will be a slower scan, with many investors learning lessons since 2018 and trading smarter to preserve earnings.
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Revelation: I am / we are long BTC-USD. I wrote this article alone, and expresses my opinions. I'm not getting any compensation for this (other than Seeking Alpha). I have no business relationship with any company whose actions are mentioned in this article.
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