Analysts are Skeptical but Bitcoin (BTC) Bulls are at Full Throttle

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices rally, aim at $6,000
Participation levels shrink but could rise as BTC edge higher

Analysts are bullish, and although some maintain that bears are still in control, a blend of positive fundamental developments as well as favorable candlestick arrangements mean Bitcoin (BTC) bulls are firm. An easy target is $6,000.

Bitcoin Price Analysis

Fundamentals

It’s always a tussle between supply and demand. Aside from the hype element which is honestly hard to gauge, it is clear that the market is bottoming. We may even be in the crypto spring and in the early stage of the next bull wave that would take Bitcoin to $100k or more. At least that is what analysts see.

https://twitter.com/WolfOfMillions/status/1114189936461094912

Earlier, we mentioned how halving of next year would accelerate gains towards $130k or higher. However, what we have is an educated market and tempered investors. After last year’s slump, a mix of favorable technical candlestick arrangement, as well as a maturing market and regulators contributing translate to volumes, are thick. With better liquidity and whales in the equation, the market depth is deep, and stories of late 2017 super rally would likely be a one-off event.

To confirm the end of the bear market, we need to break above $6,000. Looks like there is just too much resistance so this could take some time. We could be bouncing between $3k to $5k till at least September. #bitcoin 🚀

— A v B (@ArminVanBitcoin) April 2, 2019

Moreover, if we factor in perma-bears who think that even if Bitcoin prices cross $6,000, bears of late 2018 would still be in control, then it is easy to see why the path towards $12k or better yet $100k is full of pumps and uncertainty.

Even so, what would erode all these and pave the way is a bullish announcement by US SEC of their approval of any of the nine Bitcoin ETF or of China allowing exchanges back—which we all know, by their recent stance is ideal but distant.

Candlestick Arrangement

Bitcoin (BTC) bulls are steady and gradually moving towards our ideal targets at $5,800–$6,000. As we mentioned earlier, BTC/USD is trading within a bullish breakout pattern.

Besides, as they are firm above $4,500 and more importantly, above the psychological $5,000, BTC is trending in monthly highs above a critical resistance trend line visible in the weekly chart.

Since last week’s bull bar is right and all our trade conditions are true, takers can search for undervaluation in lower time frames ideally above $44,700 assuming there is a pullback with the first target at $6,000. If not and buyers clear $5,200 because of high momentum, takers can enter at market rate with stops at $4,800 as they aim at $6,000.

Technical Indicators

Volumes are shrinking, but we expect participation to tick in days ahead. That’s unless of course there is a counter bar with high volumes above 54k reversing gains of Apr 2 and invalidating our bullish outlook. Ideally, up-thrust above $6,000 ought to be accompanied by high volumes above 54 of Apr 2 cementing our bulls and founding the base for $8,000.

Chart courtesy of Trading View

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.

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.