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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Prices Explode after Fool’s Day with “Zero” Fundamentals

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin prices uptick, up 22 percent
  • Fundamentals and analyst signal buy

Mark Dow says Bitcoin (BTC) is buyable, and true to his word, it is. The coin is up 22 percent in the last week thanks to today’s upswing thrusting the asset above $4,500. With favorable candlestick arrangements, Bitcoin (BTC) will likely test $6,000 in short to medium term.

Bitcoin Price Analysis

Fundamentals

There is a transition and bulls are back. In 30 short minutes, Bitcoin (BTC) prices spiked to above $5,000 and, in the process, cleared $4,500, a significant resistance level. As it is, we expect this trend to continue, and there are supporting indicators. Not only are there humongous candlesticks in today’s hourly chart but major events indicate bullish sentiment. More analysts are joining the crypto buy train.

Case in point is Mark Dow, the former IMF economist who made money from the last Bitcoin rally of Q4 2017 and shorted the most valuable coin last year making upwards of $20 million. In his analysis, the economist recommends long, saying Bitcoin is “buyable” at current valuation.

Exiting his shorts, he said he’s “done and doesn’t to try to ride this (slide) to zero” and that “he doesn’t want to try to squeeze more out of the lemon.” At the moment, we cannot pinpoint the exact cause of this upswing but what we know is that there are sufficient volumes to sustain gains in short to medium term.

Candlestick Arrangement

Bitcoin

From the chart, it’s back to green for the world’s most valuable coin. Driven by participation and even FOMO, BTC is up 15 percent in the last day and 22 percent in the previous week as prices trend above $4,500 or the 38.2 percent Fibonacci retracement level of Q4 2018 depreciation.

As it is, our BTC/USD trade plan is live after today’s close above Q1 2019, $1,300 draining accumulation. Therefore, because of today’s trade range, we expect a short pullback which traders should capitalize with first targets at $5,800–$6,000.

With the market lighted, it is likely that volumes will keep rising up and as demand increase so will BTC prices, and the first reasonable target for bulls will be the breakout level at $5,800—which is previous support now resistance.

Technical Indicator

Like before, our anchor bar is Feb 24, a bear bar with high volumes—36k. Since prices are up trading above $4,500 with high transaction volumes above 40k—at the time of writing, our trade conditions are , and both sets of traders can begin ramping up as aforementioned.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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