Traders & analysts: "Bitcoin will keep going up"; BTC to $6K soon?

04 Apr, 2019 | Updated: 04 Apr, 2019
by Will Heasman
Price Analysis
Traders & analysts: Bitcoin will keep going up; BTC to $6K soon?

Despite the recent pullbacks, this latest market rally looks set to continue, Bitcoin is over 5k and major (and not so major) alts are following the trend with some still citing 24-hour gains of 10%+ and according to a few analysts and traders the best is yet to come…

One such notable traders, Nic Trades, known for her market analysis videos addresses the question on every speculator's lips, ”is this rally sustainable?”

According to Nic, most definitely.

The analyst suggests that money is coming in and that Bitcoin (BTC) will “keep going up” because money will flow through BTC in order to get to trade altcoins:

“We have turned a corner we haven’t seen a move like this since April, things are looking really good,” she says.

Nic calls this move a “short squeeze” a move in which the swift increase in the price of an asset, occurring when a heavily shorted asset rapidly moves higher, the upwards movement causes the closing of similarly shorted positions, causing a domino effect which pushing the price even higher.

The analyst elaborates that “in a short squeeze we don’t come back and let out the shorts at a good price, we keep squeezing until the last ones give up” effectively relaying that the continued liquidation of shorts should push the price back, after these momentary pullbacks.

It seems the idea of “money coming in” is a universally shared thought, with a crypto few enthusiasts reporting that friends have started asking whether or not they should buy BTC, something which is indicative of new money picking up the scent...

BTC’s latest move hasn’t gone unnoticed with many analysts, citing a move beyond key levels:

One such level was around 5k which was above an upper Bollinger band, a move above these bands is typically indicative of s show of strength. As one trader relays, we haven’t moved above a Bollinger band since 2015, a move which ended up, eventually, pushing prices towards the 2017/18 all time highs:

Chepicaps resident augur, and technical analyst, David Borman, also suggests bullish things to come, stating that regardless of Bitcoins current battle with 5k its unlikely that we’ll see a dip lower than $4800 thanks to some support around those levels.

As for upsides, Borman states that 6k is the goal, a level in which we can finally say we’re officially out of the crypto winter. However, much like our previous analyst, Borman points back to 2015 market, suggesting that the same 50-week moving average that negatively impacted BTC in 2015 is fast creeping up again. However, while this was bearish in the short term, it actually led to higher highs and an eventual bull run.

Bitcoin will END Crypto Winter at $6K! What's next? Subscribe to the Chepicap YouTube Channel for more videos!

So, for now, it seems as if consensus ranges from optimistic, to cautiously optimistic, not bad going…

Read more: BTC back at $5K again, BCH & LTC unstoppable, MXM runs out of gasThese are the 3 coins to watch for April 2019 - Cryptocurrency

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