Analyst: Bitcoin rally to $8,000 more likely than collapse to $3,000

17 Apr, 2019
by Richard Allen
Price Analysis
Analyst: Bitcoin rally to $8,000 more likely than collapse to $3,000

Since Bitcoin’s surprise recovery at the beginning of the month, many analysts and traders have come forward with their expectations on what Bitcoin and the rest of the market will do next. Prominent cryptoanalyst, Crypto Thies, has provided his take on the market’s next move.

According to the Seattle-based trader, the two-week Moving Average Convergence Divergence (MACD) has turned green, indicated by the crossing of the signal lines. The last time Bitcoin’s two-week MACD looks like it does now was way back in 2015, when BTC was trading at $240 as the market was recovering from a major sell-off.

He goes on to explain why he’s bullish on Bitcoin, citing his own Market God indicator which has proven accurate in the past. Thies states that it issued a “buy” for the first time since 2015, near the bottom of the previous bear market. He then adds that the 30-day exponential moving average (EMA) and 90-day EMA have crossed for the first time since January 2018.

Thies explains that a rally “straight to $8,000 from where we are, without retesting lows” is possible, provided Bitcoin holds above $4,800. He notes that his year-end target for BTC is “near $8,000” so long as the current trend continues.

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Read more about: Bitcoin (BTC)

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