Traders & analysts: Can Bitcoin go beyond $4k?

17 Mar, 2019 | Updated: 17 Mar, 2019
by Will Heasman
Price Analysis
Traders & analysts: Can Bitcoin go beyond $4k?

Yesterday, Bitcoin (BTC) once again breached above $4,000 USD, a milestone figure which has teased out comment from even the most bearish in the crypto community, but the real question is, can it hold?

Traders and analysts on crypto Twitter have been arguing over this very question, with many believing that BTC is in a very good technical position to push forwards.

According to analyst Luke Martin, BTC is primed to continue this rally, which he suggested was started by an upswing in volatility caused by the Renewal of Bitmex futures which started trading again on Friday. Martin cited previous futures expiration in December which coincided with a BTC pump of 8%.

Martin suggests that the renewal of futures trading may have had a similar impact on BTC, and that we may see increased volume and volatility in the coming weeks:

another analyst under the borrowed moniker of “Mitoshi Kaku” believes that keeping a close eye on the “Chikou” (the green mass, indicated on the chart). The Chikou span, visually plots the closing prices of an asset, allowing traders to see the relationship between trends both current and previous.

According to the psydonmous trader, the last Chikou breakout was 3 years ago in 2015. When the Chikou span is above the price the market is said to be bearish, and vice versa. In the analyst graph the Chikou span is depicted well below the price.

One apparently regretful trader cited an ascending bull flag on the current charts, typically indicative of a bullish outcome:

However, a BTC recovery isn’t, particularly what some analysts were hoping for. As reported, a lull BTC dominance was seemingly indicating an alt season, emanating from traders selling BTC and jumping into altcoins, however, with the recent uptrend from the #1 it seems that alt season has been postponed.

For one analyst this BTC is currently at an important juncture, one that could be the difference between alt season and a continued rally for BTC:

For now, according to the technicals at least, BTC looks to be in a pretty bullish position.

Do you think $4k will hold? Let us know in the comments!

Read more: Bitcoin dominance is slowly receding, is it nearly time for alt-season?

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Will BTC hold $4000?

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