- Bitcoin (BTC) trend is bullish but below Apr-11 highs
- Analyst says Bitcoin (BTC) may take 22 years to re-test 2017 highs
Accompanying firm upsides is shifting sentiment and recovering prices. At spot rates, Bitcoin (BTC) gains are low, but even so, it is volatile enough and attractive for risk-off traders. Our immediate targets remain at $5,800 and $6,000.
The community is haggling over price and for good reasons. Bitcoin, as we know, is the primary driver of the crypto asset space and therefore, where it stands is quite essential. Presently, the fact that prices are trending above $5,200 is super bullish from a technical candlestick arrangement point of view.
At $5,000, bulls are steady, and the path of least resistance is up thanks to efforts of early April as well as optimistic analysts churning encouraging predictions. However, the exact timing of when prices will soar and blast past 2017 peaks is tentative. However, one Bitcoin holder is optimistic that next year’s halving and the flow of institutional money in the state of hyperbitcoinalization will see the asset test $98 million in two decades.
On the other hand, Hayes of BitMex is quite conservative projecting $50,000 while Lee of Fundstrat sees the asset clearing the $10k mark by the close of the year. Bears, on the other hand, expect Bitcoin (BTC) to re-test $20k in 2041. That is 22 years from now and at that rate, it means traditional asset prices like stocks or indices, for example, will be better investments than Bitcoin.
Here is what UBS’ Kevin Dennean says:
“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”
At spot rates, Bitcoin (BTC) performance is solid, but movement suppressed. After Apr-16 reversal of Apr-11 losses, upside pressures are low but defined.
For this reason, our last BTC/USD trade plan is valid and firmly bullish. Because of bullish expectations and the fact that prices are above $4,500, every low, like in our emphasis, is another buying opportunity with the first target at $5,500—our minor buy trigger line, with goals at $6,000.
Even so, we adopt a cautious approach aware that surges like of those of Apr-2 are often time accompanied by periods of stagnation the anchor bar high-low.
Since our trend is clear, our anchor bar is Apr-11 bear bar. It is wide-ranging with high volumes reversing losses of Apr-7-10. Therefore, for buyers to be back allowing risk-averse traders to initiate longs, then volumes must be high exceeding 19k.
Chart courtesy of Trading View