Bitcoin Price Analysis: Bitcoin Long-Term Position is Strong
All the new price predictions about Bitcoin are showing a bullish trend in the coming days. From the beginning of May, Bitcoin is trading sideways, between $9,000 and $10,000.
The data shows that its volatility has been shrunk to an unprecedented level. And since last weeks, it is witnessed to be trading between $9,000 and $9,300.
The recent trading behavior by the leading digital asset is a sign of uptrend, and its sideways trading also gives a clue about it.
Technical Factors for Bull Run
According to an analyst, there are many technical factors, which present a bullish scenario for the world’s first digital asset.
We have seen in the past some days that, the position at $9,300 proved as a strong resistance, and the cryptocurrency rejected from it many times. So, it is not merely speculation that Bitcoin is currently in a good mid-term situation.
In a daily report, CryptoBirb claims that BTC’s consolidation has been in the process after the coin showed a breakout above the long-term bearish zone. According to him, a long-term perspective is still intact:
“Long-term perspective is still favoring bullish scenario rather than bearish, due to the fact that BTC/USD broke out above long-term bearish trend and have been consolidating after breakout, under the resistance since.”
In the near term, Bitcoin is currently hovering above the moving average- SMA50. And the coin needs to remain above this level for targets above $10,500.
“As long as bitcoin provides trading above the 50-week average, it’s leaning more towards 10.5k+ targets and new highs. If closed below, then we talk MTF-HTF shorts,” he said.
Recently, the senior commodity strategist at Bloomberg, Mike McGlone, claimed that Bitcoin is closer to $12,000:
“The number of active Bitcoin addresses used, a key signal of the 2018 price decline and 2019 recovery, suggests a value closer to $12,000, based on historical patterns. Reflecting greater adoption, the 30-day average of unique addresses from Coinmetrics has breached last year’s peak.”
At press time, Bitcoin is exchanging hands $9,280 after a rejection from a key resistance level standing at $9,300.
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