The recent price action in the world of cryptocurrencies is reminiscent of the 2017 crypto bull run that sent Bitcoin price skyrocketing and put the emerging asset class on everyone’s radar. After 2017, though, a long, painful bear market has ensued, resulting in a fall in value by as much as 85% or higher across most cryptocurrencies.
However, one crypto analyst believes that the recent Bitcoin price rally that closed with the first higher high in well over a year, confirms that the bear market bottom is in, and is expecting nothing but higher lows from here on out as the crypto market is resurrected.
Analyst: Bitcoin Bear Market Bottom Has Been Confirmed
Bulls and bears alike having been paying close attention to Bitcoin price charts, trying to determine if the December 2018 low was indeed the bear market bottom, or if Bitcoin will test new lows once again.
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The most recent price rally was the most valiant effort yet by bulls, who for the first time since Bitcoin set its all-time high of $20,000 back in December 2017, painted a higher high on Bitcoin price charts. That higher high, according to one prominent crypto analyst, was the confirmation traders and investors everywhere were waiting for: a confirmation that the bottom is in.
The significance of the breakout was not new all time highs tomorrow, but a confirmation of the bottom – a higher high, no doubt to be followed by further higher lows. pic.twitter.com/b2vm0xbWZn
— dave the wave (@davthewave) April 8, 2019
According to Dave the Wave, the long-term trend chartist says that the higher high was indeed confirmation that the bottom of the current bear market is in, and that a series of higher lows are expected in the coming months, until Bitcoin continues its ascent upward.
Above here, Bitcoin’s next major resistance will be around $6,000 – resistance that was formerly incredibly strong support that was repeatedly tested throughout the bear market. Due to how much price action occurred around the range, the resistance will be insanely powerful. However, should Bitcoin breach $6K, most of the market will consider the bear market to be over.
Analyst: Don’t Expect New All-Time Highs Tomorrow
While the analyst does appear confident in his assessment the bottom is in, he does warn investors not to expect new all-time highs “tomorrow.” If the current bear market plays out anything like the last one, Bitcoin should continue to range between here and the previous range for an extended accumulation period.
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Resistance at $6,000 will be the key to Bitcoin resuming a bullish trend, as investors and traders will view a break of the important price level as a signal bearish sell pressure is dwindling and that buyers have resumed control.
From there, crypto investors expect that Bitcoin may some day reach hundreds of thousands, if not millions of dollars per BTC.
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