Bitcoin Currencies News & Updates

Bitcoin Sets Long Term Target at 72.000 $

From 2015 to 2017, the #bitcoin #price surged from around $150 to $20,000 in a #parabolic #movement, #demonstrating a #staggering gain of 13,233 percent within a two-year #period.

Peter Brandt

@PeterLBrandt

Big #question re: analog year #comparison is whether 10a rally will lead to 10b retest #similar to 2013-2015

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In the next #several #years, according to the #analysis published by respected trader Peter Brandt, the #bitcoin price could #potentially recover quickly from the current level at $5,000 to over $50,000 if it #continues to show strong #momentum.

WHY BIG #PREDICTIONS FOR #BITCOIN IS #EMERGING ONCE AGAIN

As reported on #Saturday, #Brandt laid out strong technical reasons to support the #potential of #bitcoin to #rebound beyond the $20,000 all-time high to a range between $50,000 to $72,000.

Brandt told #Yahoo that “analogs” are #holding well and that the #cryptocurrency market is in an ideal  #position to jump back into a #parabolic bull #market.

“I think the #analogs are #holding remarkably well and based on those #analog #studies, I think #cryptos now will go back into a #parabolic bull market. The only #question I have is do we rally here some and then #sometime in late #summer check the late 2018 lows or not? There is a #chance that it does, there’s a chance that it doesn’t,” he said.

In the past four months, as soon as #bitcoin tested #key #resistance levels above $4,200, the dominant #cryptocurrency showed a fairly large #retracement, falling back to the $3,000 #region.

Following its #impressive 20 percent #rally from $4,200 to over $5,000, it #dropped shortly below $5,000 but #recovered fairly well since.

The bitcoin price has been on an #upward trend throughout the past week (source; #coinmarketcap.com)

In the last 24 hours, the #valuation of the #crypto market has recovered by $4 billion while the #bitcoin price rebounded from around $4,900 to $5,169, by more than 3 percent.

Both #fundamental and technical #indicators point toward a strong near-term price #trend of #bitcoin, especially if the #asset can sustain its #momentum in the weeks to come.

Thomas #Lee, the head of research at #Fundstrat Global #Advisors, said:

We see fewer #reasons to question the recent #recovery [in] Bitcoin prices—the best quarter since 2017. While the key #technical price #hurdle is BTC closing above its 200D (currently ~$4,600 and falling by $15 per day), we see 2019 as positive risk/reward.

BITCOIN NOT IN #ALL-CLEAR YET

The #projection of the bitcoin price by #Brandt and other technical #analysts in the space primarily #depends on the short-term #performance of bitcoin, specifically whether the asset will be able to #remain above crucial #resistance levels.

But, alternative #cryptocurrencies and other major #crypto #assets in the likes of Litecoin, #Ethereum, and #Binance #Coin have recorded large gains in the past several #weeks, showing that the overall #sentiment around the #cryptocurrency sector remains #positive.

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