Analyst predicts "megamonsoon" for Bitcoin if price holds above $5500

06 May, 2019
by David Robb
Price Analysis
Analyst predicts megamonsoon for Bitcoin if price holds above $5500

A Bitcoin trader and analyst has made some bullish predictions about the future of BTC's price. According to Murad Mahmudov, BTC is "very bullish" and there is a "megamonsoon...on the table" if the price holds above $5500.

In a long tweet thread, Mahmudov gave a list of 20 reasons why he is so bullish on the top crypto. Most of these are based on technical analyses of how the price has been changing.

Mahmudov sees a similar pattern forming to that which pushed the BTC price from $4100 to beyond $5000 around a month ago, which kicked off the current new wave of bullish sentiment.

Daily and weekly RSIs are apparently both breaking through resistances, and if BTC holds above $5500, there appears to be a lot of space for the price to surge through. Mahmudov also claims that, in the medium-term, red candles have seen significantly greater volume than green ones. There is also the potential for another 'short squeeze', similar to that which temporarily took BTC past the $8000 mark back in 2018. 

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Read more about: Bitcoin (BTC)

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