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.
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.
$BTC long short ratio analysis Ive been looking at today.— fil₿fil₿ (@filbfilb) March 18, 2019
There is a well established 12 month trend going on.
If this formula holds it implies that Bitcoin will rally 25-50%.
See chart for details.
This tweet will self destruct in 7 days. ? pic.twitter.com/O3nruTSqLt
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.
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.
Have been waiting patiently for the past few weekly closes to show volume increase was a mere tease for a market turn around— Josh Rager ? (@Josh_Rager) March 18, 2019
Looking forward to be bullish but now just isn't the time
In fact, new research shows volume as a whole is down 80% across all exchanges since Dec '17 pic.twitter.com/AV5N1zb2QT
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.