With the crypto market’s recent price action in mind, analysts are starting to come to the conclusion that bears are putting an end to the bloodshed. A number of traders and industry commentators recently took to Twitter to tout their optimism on the Bitcoin price.
Traders Hint At Crypto Market Bottom
StormXBT recently noted that the volatility-calibrated ATR measure issued a long call on Bitcoin’s three-day chart for the first time since 2015.
first time it’s issued a long on $BTC on the 3D since 2015
use your tools as you wish. this has never been a bottom/top catcher but just like any other trend-trading systems, it looks for decisive price movements that demonstrate the changes in trend according to its parameters pic.twitter.com/M5I2JQJIay
— størm (@stormXBT) February 23, 2019
While Storm made it clear that this doesn’t necessarily indicate that a bottom is in, the movement of this measure indicates that Bitcoin moved decisively higher, potentially setting a precedent for further moves to the upside.
Moon Overlord, a big proponent for the theory that 2020’s halving will push Bitcoin to new heights, noted that stepping back, BTC could have bottomed at $3,150, citing historical market movements to back his call.
— moon (@MoonOverlord) February 23, 2019
Magic Poop Cannon, an interestingly named industry analyst that Fundstrat’s Tom Lee recently commended, also recently made a bottom call. Magic, a self-proclaimed “master of the charts,” claimed that from a monthly logarithmic point of view, the MACD histogram indicator is currently bottoming, and may trend positively in the near future. Comparing the current state of this measure to that seen at the bottom of the 2014/2015 bear market, Magic concluded that “it is showing us that the bear market has come to an end.”
What’s Else Is Going For Bitcoin Right Now?
While these analysts seem to be convinced that prospects for this budding market are finally looking up again, they provided scant catalysts and reasonings for their optimism. Crypto Rand, however, retweeted a bit of analysis he issued previously to remind investors what is going for BTC.
The prominent industry commentator claimed that BTC’s recent move allowed it to break out of its short-term falling wedge and bull flag, along with a longer-term “major bear pennant” — an evidently positive sign. Rand added that from volume readings should also spark some form of optimism, noting that this measure has entered and uptrend, indicating buying pressure and market popularity.
#Bitcoin daily scenario looking better:
– Falling Wedge + Bull Flag success.
– Major Bear Pennant breaking upwards.
– Volume downtrend ended.
– Volume starting an uptrend.
– Highest daily volume of 2019 on daily. pic.twitter.com/HmWRplpdTL
— Crypto Rand (@crypto_rand) February 19, 2019
But, even if this bear market, infamously dubbed a “nuclear winter,” is finally ready to bite the dust, analysts have made it clear that Bitcoin’s rally won’t come easy.
Leading trader DonAlt recently claimed that he doesn’t expect for BTC to post continual moves higher until it convincingly breaks $6,000. Others have draw attention to the $5,000 price range. They explain that as the 200-day exponential moving average (EMA) and long-term declining trendline is situated around that level, moving above that price point with volume and positive community sentiment is essential to confirm a bullish reversal.
Featured Image from Shutterstock