While it's unclear whether Bitcoin's current market structure is up or down, there are a few basic factors that could indicate an impending price increase.
This happens when an analyst notes that there is a technical indicator that Bitcoin is poised to rise in the short term, but first it must pass an important technical level.
As Bitcoin is still hovering above the critical $ 6000 level, analyst Teddy explain that Bitcoin's cloud indicator is currently in green, suggesting that BTC may soon rise.
“The blue cloud shows that the weekly trend is still up. However, a close below the 200 EMA will delay any bullish action - because the cloud will turn into resistance. ”
However, after failing to maintain this level and slipping down to the $ 5900 zone, the analyst said that Bitcoin had reached a time of "eating to nothing".
- Teddy (@TeddyCleps) March 29, 2020
Right now, many traders on forums, Youtube, social media and elsewhere are uncertain about the future of BTC price and the rest of the cryptocurrency market. Veteran trader Peter Brandt said that if Bitcoin could not recover thanks to the current perfect storm (covid-19), the crypto space would be in big trouble.
Twitter user Denis Law emphasized that Bitcoin price is becoming bearish on shorter time frames as the global market is still evaluating the covid-19 pandemic.
Bitcoin price is becoming bearish on shorter timeframes as global markets are still pricing the coronavirus pandemic. The latest data suggests that there are now almost 800,000 wallets with a balance of at least 1 BTC - more than ever before. pic.twitter.com/CZDrO8OoFW
- Denis Law (@ DenisLa62320979) March 29, 2020
Bullish signal: BTC generates OI and increased cash flow
The fundamentals also support the notion that Bitcoin may soon see some gains, as King Coin is currently generating quite a bit of daily cash flows quite similar to OI.
The TRader Mac explains that these basic indices can raise BTC up to $ 7,000 in a potential fleeting movement.
“OI increased by + 13K $ BTC after the expiry on March 27.
Daily cash flow looks good - Sponsorship + the gap is still very negative.
Weak dump ($ 5800) turned into fake pump ($ 7000) next week. ”
Open interest up + 13K $ BTC after 27. March expiry.
- Daily money flow looking good
- Funding + prem still very negative
Bias: Weak dump ($ 5800s) into scam pump ($ 7000s) during this upcoming week. pic.twitter.com/xndTMKe7f9
- Mac ❄️🐺 (@MacnBTC) March 29, 2020
If the confluence of these fundamentals and bullish techniques could spur Bitcoin before a weekly close today, it will probably see some additional momentum in the coming days.
Bitcoin is expected to reach $ 150k by 2026
Experienced Trader Michael van de Poppe has made his long-term prediction of BTC price.
Van de Poppe noticed that Bitcoin was going through a third price cycle. According to him, every cycle takes longer than before.
Every cycle takes longer than the previous one.
What if that also means that we quite going to find support at the 300-Week MA?
100-Week MA was supported in 2012, 200-Week in 2014-2017.
- Crypto Michaël (@CryptoMichNL) March 28, 2020
For example, the first cycle 2012-2014 lasted 910 days, while the next cycle was 55% longer than the previous cycle. Accordingly, the ongoing cycle may end in 2025-2026.
The analyst also found that the weekly moving average MAs act as a strong support for the bottom of the price level in each cycle. The first bearish rally failed to break below the MA 100 week, while the second session had nothing to do with the MA 200 week. Therefore, for this cycle, the 300-week MA will be a difficult level for bears.
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AZCoin News
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