Analysts point to an incoming Bitcoin bull run

01 May, 2019 | Updated: 01 May, 2019
by Will Heasman
Price Analysis
Analysts point to an incoming Bitcoin bull run

While the FUD from the Tether / Bitfinex fallout may have distracted Bitcoin from a continued rally, the #1 seems to have weathered the storm fairly reasonably, defiantly staying above support levels in the lower $5000 region. Now the storm has passed, many analysts point to an incoming bull run for Bitcoin…

Looking into Bitcoin’s monthly charts, one Analyst, known as DonAlt, suggests that the $1000-dollar candle which kicked off the early April rally, marked the first time in a long time that Bitcojn (BTC) had broken and closed above resistance; giving BTC solid support:

Luke Martin, another trader and analyst forecasts a similarly bullish outcome for BTC in the short term, relaying that it may be looking to edge higher after days of consolidation, noting that recent resistance around $5240 has now flipped, and become support:

Focusing more long term, one popular crypto analyst known as dave the wave, indicated an imminent break out for BTC based on a recent rebound off the 50-month moving average – something which historically supported BTC back in 2015.

In a later Tweet, the analysts notes that Bitcoin’s Moving Average Convergence Divergence (MACD) – a indicator of momentum - had cross above the zero line, which is typically indicative of a bullish move to come, as noted by the analyst:

However, conversely to the aforementioned consensus, as reported yesterday one trader believes that the top for Bitcoin is already in…

The elegantly named, MagicPoopCannon, notes several bearish reasons as to why he believes BTC may soon retest levels around $3700. The main point of contention is a rejection off the weekly 50-day exponential moving average (EMA) around $5600, which the analyst believes marked a top for BTC. 

BTC/USD Chart provided by Tradingview

The only saving grace for BTC in Mr. PoopCannon’s opinion would be a break above the 50 EMA, something he believes is fairly unlikely…

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