- Following the breakout above $4,200 in April, Bitcoin has sustained an impressive upward trend.
- Bitcoin expert predictions place it around $10,000 by the end of 2019.
In our previous price analysis, we discussed Bitcoin holding ground above $6,000. This was after the cryptocurrency gains on Thursday fell short of $6,100. However, as predicted in the confluence detector, the bullish trend and momentum were far from over. BTC/USD unstoppable bullish move did not only zoom above the nearest hurdle at $6,100 but this time the bullish volatility sent the price shining above $6,300 on Friday. in turn, forming a high around $6,335.39.
Following the breakout above $4,200 in April, Bitcoin has sustained an impressive upward trend supported by the ascending trendline. Long-term holders of Bitcoin have a reason to smile as the recovery continues to push the limits especially those who bought at levels close to $3,000. The break past EMA200 was also another bullish indicator encouraging the buyers to increase their positions while at the same time focusing on higher levels.
Bitcoin later consolidated in a wide range between $4,900 and $5,400. There were attempts to correct above the range limits in April but the price was pushed right back into the range. However, the trading has been even more fruitful with Bitcoin adding more than $1,000 in less than seven days. The break above $6,000 yesterday was very impressive; it paved the way for another bullish phase that has a short-term focus on $6,500 and a medium focus on $7,000. Bitcoin expert predictions place it around $10,000 by the end of 2019 as long as the technical remain intact.
In the meantime, the price is trading above both the EMA200 and the 100 SMA showing the bulls have the control. Similarly, the RSI and the MACD are sending bullish signals, in turn, confirming the potential bull rally.
BTC/USD 1-hour chart
-636930795067283247.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH plunges 6% following Fed rate decision, eyes a bounce at the $3,550 level
Ethereum is down 6% after the Federal Reserve hinted that it will reduce its rate cut frequency in 2025. The hawkish news has sent ETH's Weighted Sentiment to lows last seen in December 2023.
Crypto Today: Bitcoin holds $104K as XRP, AVAX and Solana traders take profits
The cryptocurrency sector valuation declined 4% on Wednesday, dropping toward $3.8 trillion. While Bitcoin price dipped 2% to consolidate around the $104,600 mark, top altcoins like XRP, AVAX and SOL suffered excess of 5% losses on the day.
Bitcoin, crypto market set for massive dump following Trump's inauguration: Arthur Hayes
Bitcoin and the crypto market could face a massive sell-off as expectations for Donald Trump's administration of pro-crypto policies could be short-lived, according to Arthur Hayes.
Shiba Inu Price Prediction: SHIB whale demand plunges as Solana memes dominate
Shiba Inu price opened trading at $0.000026 on Wednesday, its lowest opening price in 20 days dating back to November 29. On-chain data shows SHIB token struggling to attract whale demand as Solana memes dominate social channels.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.