Willy Woo, Peter Brandt and other analysts on Bitcoin's next move

05 May, 2019 | Updated: 05 May, 2019
by Will Heasman
Price Analysis
Willy Woo, Peter Brandt and other analysts on Bitcoin's next move

Bitcoin has had a tumultuous few days rising rapidly to a ceiling of resistance around $5,800 before getting instantly pushed back to $5600 and subsequently rebounding to test resistance once more. So what’s the next step? Are we close to breaking $6K, is the bear market officially over? or will we see another dip before blast off? Here’s what Peter Brandt, Willy Woo and the analysts of crypto Twitter have to say…

Willy Woo, a prominent technical analyst with the crypto industry pointed out what he called a “heart beat signature” which depicts the point at which Bitcoin (BTC) draw a bottom. The chart also points out a similar fractal seen back in the 2015 market - a market which is said to be highly correlated to the current one. Woo’s chart, which illustrates investment behavior, suggests that further momentum could lead us nicely into a bull run, but not before a potential pullback if history is anything to go by:

Peter Brandt, another notable analyst and author of the trading manual “Diary of a Professional Commodity Trader,” noted yesterday that BTC was forming a top at key resistance; auguring a correction before BTC strides to $6,500, at which, Brandt believes a more “significant” correction may commence…

Another analyst agreed with Brandt's supposition, providing a figure for possible the correction of around $5500, with BTC potentially rebounding on to $12k…

A few other analysts are also waiting on this possible correction:

Interestingly, the aforementioned highly correlated 2015 market was noted by another trader dubbed “Posty,” who posited several bullish suppositions based on historical price action:

BTC/USD Chart provided by Tradingview

First, the analyst notes the time spent under key resistance levels from 2015, noting that BTC took 308 days before breaching these levels, and achieving a support resistance flip (s/r flip); this flip finally occurred after three failed test against resistance which catalyzed bullish momentum. Thereafter the 2016 bitcoin halving took place, ushering in a further bull rally for BTC.

Looking to 2019, the analyst points to the recent test of $5,800 as our first attempt at the s/r Flip, suggesting that we could potentially be in a period of accumulation until the latter half of 2019, after which the Bitcoin 2020 halving could provide the uplift of the past few halving’s.

What do you think? How long will we stay under 6k? Will history repeat or are we carving our own path?

Let us know your thoughts in the comments!

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