cryptodailytrading.com

Bitcoin to Hit $5,000 by May 2019, Analysts Predict, Despite Trading Volumes Faked by Exchanges

  • Yuri Molchan
    📰 News

    🤑📈Based on the yearly trend, technical analysts are forecasting BTC will reach the $5,000 level in less than two months


Bitcoin to Hit $5,000 by May 2019, Analysts Predict, Despite Trading Volumes Faked by Exchanges
You may also like:
Contents

Recently, bullish price forecasts for Bitcoin have been made quickly and frequently. First, it was just major Bitcoin investors that have always been positive about BTC – Tim Draper, Mike Novogratz and John McAfee, of course. He did not make any quick promises about eating his dick for the second time.

Now, some prominent technical analysts seem to have turned to bullish forecasts too, basing their opinion on the trend that has been visible over the last twelve months.


BTC is holding above $4,000

Despite the fact that quite a lot of crypto market players are eager for the short-term price action of BTC to fix their profits, the majority of the market are so-called ‘hodlers’ and they are mainly in it for long-term growth.

For nearly half a year, since last autumn, Bitcoin has been trying to get over $4,000. It did succeed in doing so a few times, but then made a quick retracement back under $4,000. Now that last week Bitcoin’s rate did surpass the resistance level and has been over $4,000 since then, this bullish rally seems to be continuing.

👉MUST READ Crypto Payment Card to Be Launched by Banking Platform: XRP, XLM, BTC Supported
Crypto Payment Card to Be Launched by Banking Platform: XRP, XLM, BTC Supported

Is $5,000 the next aim?

On his Twitter account, a technical analyst going by the name filbfilb predicts a 20-50% rally for Bitcoin, based on the 12-month trend that, as per him, has been now clearly forming on charts. That, of course, will happen if the trend does not reverse all of a sudden.

Previous BTC rallies, such as the one in spring 2018, allowed Bitcoin to recover from $6,600 and even surpass the $9,000 level. In 2019 so far, the father crypto coin has managed to rise by 28 percent from its high.

Should Bitcoin jump 25 percent, it would get to the $5,000 mark in about a few weeks.

The same analyst mentioned above also stated that judging by the 0.5 Fibonacci level, Bitcoin may well reach $5,000 by May.

👉MUST READ Forbes: IBM Launches Stellar-Based Payment Network, Gets 6 Global Banks to Create Stablecoins on It
Forbes: IBM Launches Stellar-Based Payment Network, Gets 6 Global Banks to Create Stablecoins on It

Fake volumes news, manipulation by exchanges

Another reason for a possible upward movement of BTC is the growth of daily trading volume. The recent reports of crypto exchanges (except Binance) faking their daily trading volumes may put this one in doubt, though.

However, if we trust Coinmarketcap to be a source of accurate data, then since 2019 started, BTC trading volume has risen more than twice and is currently around $9 bln.

At press time, BTC is trading at $4,062, with trading volume totalling $8 814 457 076.

Fake volumes news, manipulation by exchanges

 

Cover image via u.today
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles

Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
You may also like:
Contents

It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

👉MUST READ Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?
Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?

Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

👉MUST READ This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee
This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee

Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

Cover image via 123rf.com
In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.
👓 Recommended articles