BTC Wires

Bitcoin’s Price Indicator Suggest Bulls Have Taken Charge

Bitcoin prices have been pushing for the bulls since the beginning of this year, but most of the small gains that the crypto market made was neutralized by an immediate market pullback. However, the price rally starting from April has got the sentiment around Bitcoin prices quite high, given the pioneers gained more than 30 percent since the start of the price rally, and most importantly it solidified those gains.

2018 bear markets have made many analysts cautious over their predictions, as many of their predictions fell flat for 2018. Most of these analysts say that despite the surge in prices, the crypto market would see another bottom before bouncing back, and only then bulls would take charge.

However, all of them unanimously believe that in the long term, Bitcoin prices would easily surpass its 2017 peak of near $20k. The only uncertainty is over the short-term price.

One Analyst Says the Price Indicator Suggest Bulls Have Taken Charge

Peter L Brandt, the trader who predicted the bear markets of 2018 correctly during the 2017 price peak believes that the parabolic rise of Bitcoin is already underway. Brandt says that looking at the price charts the price has moved above the weekly moving average resistance. He also claims that if we look at Bitcoin’s price history, it is quite similar to the beginning of the bull run in the previous cycle.

Brandt explains that the bottom during 2017 was $200 but after it broke the moving average at $340, it made a phenomenal 5723.5% jump to reach the price of $19,800. He tweeted,

The last time Factor’s benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800.

Tone Vyas Thinks Otherwise

Tone Vyas another prominent analyst of Bitcoin charts is still critical over the status of the bull run and he drew his conclusion from weekly mining profitability. He resonated what most of the analysts have been saying, that a pullback is on the cards and Bitcoin prices would see another bottom.

Vyas suggested that we are in an extended bear market and the prices would hit the support line again. Bitcoin is currently trading at $5646 at the time of writing up by more than 25% percent on the monthly chart and 45% higher than its low of $3,200.