- Bitcoin price close above $5,000
- Analysts and Investors confident of market recovery
The Bitcoin moon-sling chorus is only getting louder as the market ooze confidence thanks to early April upswings and supporting candlestick arrangement. Even so, there should be a conclusive close above $6,000 before bulls lift prices higher.
Bitcoin Price Analysis
Not only are ordinary investors and traders optimistic of Bitcoin’s long-term prospects–after prices rallied past $4,500 and bulls are actively rejecting anything below $5,000. Even so, analysts are on overdrive, dispensing their two cents on what the future possibly holds.
While this is positive, hinting of changing sentiments after 15 months of depression, we shouldn’t get ahead of ourselves. If anything, we can project, but no-one knows for sure what the future holds. For coin holders, the value will is from supporting regulations and increasing adoption.
Should adoption be the primary determinant, then we should see Bitcoin and indeed developers ought to be hard at work creating easy to use interfaces that make it easy for the ordinary users to incorporate the tech in their livelihood.
Before then, it’s all about education and seminars and everything that would see this change, cleansing Bitcoin’s name as the narrative changes from Bitcoin being a money laundering tool to this reliable new means of exchange that is global, secure and transparent.
At the time of press, Bitcoin (BTC) is steady, under pressure but still trading above $5,000—a psychological round number. Because of this, our previous BTC/USD trade plan is valid. It’s easy to see why. From a top-down approach, sellers are technically in charge as long as prices are below $6,000.
Once there is a retest and an inevitable close above this resistance level which also doubles up as previous support now resistance, the next wave would likely take BTC to $8,000 and later $12,000. Candlestick arrangements point to undervaluation and even higher highs after buyers of the week ending Apr-6 did rally past an eight-month resistance trend line and simultaneously closing above a four-month resistance line at $4,500.
As it is, every dip will be another buying opportunity as per our iteration with first targets as mentioned above.
As prices consolidate in smaller time frames, BTC/USD buyers are firm and in control. However, for trend continuation, there must be a recovery of Apr-11 losses. A complete reversal means high-transaction volumes exceeding 19k with prices above $4,800 of Apr-2 close.
Chart courtesy of Trading View