• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Rebounds To $7,900, Why Analysts Expect Bullish Continuation

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 3min read
Bitcoin Rebounds To $7,900, Why Analysts Expect Bullish Continuation
Advertisement
Nexo Logo
Listen to Article

The Bitcoin (BTC) bulls have done it. They have entirely shaken off last week’s flash crash, which saw BTC plummet to $6,100 on Bitstamp and $6,500 on other major exchanges. With this strong rebound, which came after a period of ranging between $7,000 and $7,300, analysts have adjusted their outlook to the new conditions.

Related Reading: Analysts Expect Bitcoin to Drop Towards $7,300 After Failing to Stabilize Above $8,000

And, despite news that the U.S. Securities and Exchange Commission (SEC) has delayed its verdict on Bitwise’s Bitcoin exchange-traded fund (ETF) application, analysts and traders are bullish.

Bitcoin Poised To Continue Higher

At long last, the cryptocurrency market has seemingly settled, with BTC trading between a relatively tight range of $7,800 and $8,100 for the past 24 hours. However, some analysts suggest that Bitcoin may soon break out, potentially rallying to new year-to-date highs.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Financial Survivalism, a popular trader and subscriber to the Hyperwave theory, recently noted that Bitcoin’s four-hour chart is forming an inverse head and shoulders pattern, which is itself contained in a broadening wedge. Although such a technical pattern is normally a sign of an impending reversal, Survivalism notes that a bullish continuation is entirely possible.

1 /2 $BTC is forming an inverse head & shoulders on the 4h. Many call for this as a reversal pattern but I far prefer it as a continuation. There is a trendline below for added support. Measured move from ih&s is in line w next area of horizontal resistance. #waitforconfirmation pic.twitter.com/neuSJHUhQl

— Tyler D. Coates (@Sawcruhteez) May 21, 2019

He depicts that if Bitcoin decisively breaks above $8,300, a key level of resistance in the short-term, a move to $9,500 would be entirely possible, as there is little stopping the cryptocurrency from rallying between the two levels. $9,500, for those unaware, is where BTC topped out in April of 2018, during which many wistfully suggested that the cryptocurrency market was trying to break out of a bear market.

Survivalism, who is now coming to the conclusion that the bear market is over after looking to sub-$2,000 levels, isn’t the first to have pointed towards the fact that Bitcoin’s chance to rallying to $9,600 is improving day-over-day. Renowned analyst Josh Rager, whose work NewsBTC has often covered, also states that if BTC manages to close above $8,300 on the weekly or daily resolution, a move to $9,600 wouldn’t be out of the realm of possibility.

And the technicals and historical trends seem to be backing such a move, which many believe would be the final nail in the coffin for current cryptocurrency bears. Survivalism explains that the 50 and 200 exponential moving averages on the 15-minute and one-hour resolutions have begun to turn bullish (head higher) after a short stagnation last week. This implies that the trend is likely bullish and that a move higher from here is far from off the table.

What’s more, BTC’s daily chart recently saw a four candle pattern (Rising Three Methods, as pointed out by Josh of Brave New Coin) that is bullish and was seen prior to 2013’s parabolic rally, which catapulted the leading cryptocurrency into the quadruple digits for the first time.

As popular trader Nebraskan Gooner looks to, the current one-day chart formation is what BTC experienced prior to 2013’s rally from $200 to $1,200. If history is of any indication, Bitcoin could move higher by 600% from here, moving to $50,000 in a short period of time. Sure, this may sound illogical, but the cryptocurrency market is cyclical and rife with patterns after all.

I'm usually pretty conservative on my #bitcoin views

But…

There is a a potetnail that we see something similar to what happened in 2013

I have reasoning which I can share either in a video or a thread at a later time

Don't be the person trying to short this the whole way up pic.twitter.com/VeiEMtzdGc

— NebraskanGooner? (@nebraskangooner) May 19, 2019

At Last, Crypto Winter Is Over

No matter where BTC heads in the short-term, whether it’s to revisit the region around its cycle lows as Tone Vays has suggested or to breach its $20,000 high in months’ time, many have concluded that the “crypto winter” is no longer.

According to Thomas Lee of Fundstrat, there are upwards of thirteen reasons why winter for this fledgling ecosystem is long gone.

Some of these important reasons include the fact that Bitcoin quickly returned to $8,000 after the $1,700 dump on Bitstamp; the Bitcoin Misery Index passing above 89, a sign only seen in bull markets; a grow in on-chain activity and volumes, which historically have preceded rallies; and the fact that Bitcoin’s chart recently saw a bullish “golden cross” pattern” while BTC moved above its 200-day moving average in spectacular fashion.

And most recently, Lee noted that the fact that Bitcoin futures contracts on BitMEX for June and September have begun to trade well above spot prices is the fourteenth sign that winter is over.

The fact of the matter is, the underlying ecosystem, in the eyes of many, is much more mature than it was before, giving credence to the theory that the market is ready for a bull run. As Misir Mahmudov notes, since the market top of 2017, Bitcoin’s hash rate has swelled, the Lightning Network has seen a flurry of development, Fidelity has forayed into the Bitcoin infrastructural space, and there have been a series of positive technical developments. This might just make the “bull run even wilder”.

Since top of the previous bull market:

– Bitcoin’s hash rate grew by 240%
– LN grew from 0 to 1000 BTC
– Bitcoin’s dominance grew from 34% to 57%
– Cash App started selling BTC
– Fidelity bitcoin custody & trading
– Multisig (Unchained, Casa)

Next bull run will be even wilder.

— Misir Mahmudov ⏳ (@misir_mahmudov) May 20, 2019

Featured Image from Shutterstock
Tags: bitcoinmarketprice
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

3 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

4 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.