The sentiment around Bitcoin [BTC] prices have increased considerably since the beginning of the year. While most analysts have confirmed that the Bottom on Bitcoin is in, they have also failed to confirm a bull run.
Some have suggested that a pull-back to $4000-$4500 is possible while others expect a more extended accumulation period.
Nevertheless, the long term optimism in the price of Bitcoin is still intact as it continues to become mainstream. The only uncertainty exists around the short-term price of Bitcoin [BTC] which can expect a pullback due to the pressure from the bear market.
One Analyst Confirms the Bull Run
Furthermore, one trader who received accolades for the successful prediction of the Bitcoin bear market during the bull run of December 2017, Peter L. Brandt, has once again suggested a parabolic rise on Bitcoin in the near future.
According to his analysis, the price has moved above the weekly moving average resistance. Moreover, if a cue is taken from Bitcoin’s price history, it resonates with the beginning of the bull run in the previous cycle. The bottom during the 2015 bear market was around near $200. After it broke the moving average at $340, the price continues to rise to $19,800 (a percentage rise of 5723.5%).
The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $ began its move from $340 to $19,800.
The Bearish Case: Mining profitability
However, Tone Vays, another leading analyst of Bitcoin charts is still apprehensive of a ‘bull trap.’ He drew his bearish case from the weekly and mining profitability charts. He said,
“A pullback is coming.. It always does.”
According to mining profitability, Tone Vays suggested that it had to hit the support line again as we’re in an extended bear market.
The price of Bitcoin [BTC] 4: 45 Hours UTC on 3rd May 2019 is $5592. It is trading over 25% higher on a monthly scale and 43% higher from its low at $3000.
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