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Bitcoin Price Predictions: Is BTC to Reach $5,300 and Fall? 3 Possible Scenarios for BTC in Spring 2019

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Bitcoin Price Predictions: Is BTC to Reach $5,300 and Fall? 3 Possible Scenarios for BTC in Spring 2019
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

We’re all eyes on Bitcoin price fluctuations. The cryptocurrency has made an overwhelming spike and gained around $1,100 in value in some three days. Now it has stopped moving, and we’re holding our breath to see what’s going to happen later. How will Bitcoin act in April and May? Read Bitcoin price predictions from tradingview users: they have curious opinions concerning Bitcoin’s future.

Spring is the transition to the new bull market

BTC is on the way to the brighter future

Bitcoin price chart from InvestingScope

Think that $4,900 is the highest high for this spring? Bitcoin has only started crawling to the pedestal. According to InvestingScope, this period is only a transition to the new bull market.

They have been bullish on Bitcoin since it made its low in December when the 2018 bear cycle started. After analyzing Bitcoin price patterns, the InvestingScope team has realized that all of the suggested models follow the parabolic curve, which they named “Store of Value Curve”, and with the help of the halvings, tried to determine the intermediate phases that will lead to the new bull cycle.

Following Tuesday's aggressive rise, a new pattern was formed: it will keep Bitcoin bullish but on a steady pace. As seen on the 1D chart, the recent price spike is identical (so far) in growth % with the spike that took the price from the 3,200 December low (and market bottom) to the 4,380 Resistance, which kept Bitcoin contained within an Ascending Triangle for 3 months. The rejection on the 4,380 Resistance was followed by a -22% pullback that made the first Higher Low of the Ascending Triangle.

We expect that a potential rejection from the current high will result in a similar pull back and quite possibly a new Triangle. The estimated support should be around $4,150

But don’t rush to consider short-term shorting now that the uptrend is on its early stages. This is merely intended to provide new buy entry points for long-term investors who wish to accumulate Bitcoin during the accumulation/distribution phase we're in with a long-term mindset of selling on peaks as the new bull market unfolds.

BTC in ABC correction

Long-term trading is more perspective

Bitcoin price chart from Boon2

Which trading strategy should be taken by long-term traders? Boon2 shares an interesting opinion.

In W1 chart, we have no trend with one up and one down, we’re consolidating within the last impulse up so a EW corrective structure is possible. Is the corrective structure over? Not likely: the price action simply doesn't fit with a ABC down, so let’s wait for the next possible EW corrective structure which is the running flat to complete the W1 B wave.

What if the correction down is over and we're going up to break the top, there is a slight chance with the W1 bull hidden divergence being confirmed on the D1? Look for buy's where D1 wave C ends. Price action will tell you where the D1 C up could be coming to an end!

What if the price turns down from here and we get a lower low on D1? Then look for buys on the lower time frames. Even if the D1 low gets broken the W1 structure does not change, we will still get at least the D1 C wave up – it’s a plausible scenario.

According to Boon2’s W1 chart, we have all the hallmarks of a possible ABC correction with a running flat in B. Could the structure change into an expanding flat in wave B? Absolutely, no one knows where D1 wave C will end and we don't have to know if we don’t trade on W1 and D1 charts.

Is a price correction inevitable?

BTC will rise to $6,000 and fall

Bitcoin price chart from markusturner

One more idea proving that BTC is to fall after rising was promoted by markusturner. Look at his chart: according to it, BTC will bounce at 618 level. It’s expected to reach some $6,000 in spring and then go to the bottom. All of the other cryptocurrency pairs do similar movements.

It’s very likely for Bitcoin to make a few more moves upwards and then fall to its $4,000 support zone. At the moment, we still have a chance to make investments and gain profits – BTC’s value has all chances to gain a few more hundreds of bucks.

BTC/USD price chart from TradingView

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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
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Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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