The majority of crypto traders have also confirmed bottom on Bitcoin according to their independent analysis. The bears which started placing short orders at $4000 have been eagerly waiting for a correction. However, Bitcoin’s rise of about 50% from then has had many shorts liquidated or closed at a loss.
Bitcoin, currently, is very less affected by bad news and extremely positively affected by a good piece of news. The Fidelity announcements had a greater effect on the price than a $40 million hacking incident.
Hence, as crypto-trader Jake Canfield noted in the most recent episode of Crypto-Trader with Ran Neuner,
“The traders are buying the dip. A lot of traders were trying to short the market and keep getting liquidated which added Fuel to fire the price of Bitcoin to new yearly highs.”
On whether or not the altcoin season will begin, Canfield noted that it will begin when Bitcoin begins to stabilize and then capital will start moving into to altcoins.
“The multipliers (on altcoins) are gonna be great, if and when we see that bottom. Wait for Bitcoin to stabilize. Wait for a higher high and higher lows to confirm the reversal.” He also mentioned that, “Ethereum looks like its ready to break-out.”
Trade and Chart analyst Peter Brandt who is one of the first traders to predict the bear market and call the recent bottom on Bitcoin, claimed that $50,000 could be high of the next parabolic advance on Bitcoin. He said,
“The current bear market has been an analog of the 2013-2015 Bitcoin markets. There was a retest of the low… We can see a correction. Then straight up.” He added, “We have a pretty good shot at 50,000”
Bitcoin price has moved over the 200-Day Moving on a daily scale after a span of four years. Moreover, as reaffirmed since it was followed by a bull run then, there is enough reason to expect the same this time around.
On long term weekly scale, the price has moved above the 200-Day and 50-Day Moving Average with strong positive sentiments towards Bitcoin. Hence, by looking at these market indicators Canfield seemed certain that the bull-run in Bitcoin has begun.
Nevertheless, Brandt was greatly bullish in terms of price as well and called Bitcoin as the only asset in history to witness two parabolic rises in a decade. Moreover, he was almost certain that the third one is underway as well.
Do you agree with their analysis? Will Bitcoin replicate the 2017 bull run? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com