Analyst: "Bitcoin is now in bull market territory"

12 May, 2019
by Richard Allen
Bitcoin
Analyst: Bitcoin is now in bull market territory

Having been stuck in a bear market for well over a year, Bitcoin’s continued price hike to the point where it’s now trading over $7,000 has lead many to believe we’re in a bull market.

At the time of writing, Bitcoin is up by 1.67% trading at $7,043.59, some of the highest levels seen this year. As such, Alex Kruger, a prominent economist who has a focus on cryptocurrencies. According to him, Bitcoin is “now in bull market territory.”

As NewsBTC notes, while the market is showing strong growth, $7,000 is likely to be a strong resistance level. With that being said, it’s becoming apparent that bulls are taking control. Coupled with the FOMO experienced by many in the crypto sphere, it’s likely that prices will continue to rise before being stalled by strong resistance levels.

Given this, traders generally agree that any future pullbacks will represent great buying opportunities. Popular cryptocurrency trader, Cred provided some further insight, stating “once the bullish bias is set, I look for intraday buy setups.”

BTC/USD chart provided by Tradingview

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Read more about: Bitcoin (BTC)

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