The only way is up for Bitcoin, says crypto analyst

19 Apr, 2019 | Updated: 19 Apr, 2019
by Joeri Cant
Bitcoin
The only way is up for Bitcoin, says crypto analyst

One crypto analyst, who goes by the Twitter handle, Bitcoin Jack, took to Twitter to point out 4 indicators that all have been historical signs of a bear market coming to an end.

The lead analyst at Bitcoin Bravado states that miners’ revenue has reached historical support, transactions per day are growing towards their all-time highs, and transaction fees are up while being healthy.

According to the crypto analyst, these are all historical indicators of a bear market coming to an end. 'UP IS THE WAY', the analyst tweets.

Bitcoin jack is not the only analyst who is bullish on the world's number one cryptocurrency.

The chief executive of crypto fund BitBull Capital, Joe DiPasquale said in a recent blog post, that BTC consolidating above $5,000 could lead to further price appreciation this year.

Although he doesn't believe that an imminent breakout will occur, he does expect a steady growth in the years the come, building the foundation for a surge when the timing is right.

'Firstly, we do not believe a run similar to the 2017 drive can be seen again, at least not in the near future and particularly not in the absence of major catalysts such as global governmental approval and integration with mainstream services and portals.'

DiPasquale adds that it is interesting to note that Bitcoin has managed to retain these gains over the past week, and that we are now seeing consolidation around the $5,200 range.

'This is a very positive sign, and if it continues for another week or two, it could result in an attempt at the $5,500 level', he said.

Bitcoin jack agrees that a surge up to $10,000 won't be for tomorrow just yet.

Key levels: if Bitcoin breaks $5300, this is the upside! Subscribe to the Chepicap YouTube Channel for more videos!

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Read more about: Bitcoin (BTC)

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