Bitcoin has made a bigger move that will make the cryptocurrency market scale-up in a tremendous way and get to a greater price increase this month, predicted by industry experts.
As of last month they were a crush in the market which caused a big loss for the short term marketers, the price of bitcoin raised by $1,700 in a space of one month now it’s at $5,600, this shows an end to the market crash which occurred back in 2017 that bitcoin tumbled to $20,000 in late 2017.
This profit of 40 percent marks the very first time since October 2015 that its value has attained the so-called golden cross, whereby its 50-day moving average passed its 200-day moving average.
This turning point in the eyes of traders marks the End of a bear market as they urge more investors to Buy bitcoin than selling them, this will prepare everyone for a skyrocket of the bigger bull market to come this year.
“The stars are aligning for a bitcoin bull run,” Simon Peters, an analyst at online trading platform eToro, told The Independent.
“The recent short-term scaling average of bitcoin price has completely moved above the longer-term average, which is been known as a golden cross, so we are expecting more from investors who now believe that the new phase of the price and value of bitcoin is at the Edge”
After exceeding $5,000 this month, market analysts see $6,000 as the next incoming price point that will test the administration of the market.
If it does manage to continue past that price, Mr. Peters predicts the value of bitcoin will carry on rising throughout 2019 to take it to around 60 to 70 percent of its all-time high.
This forecast would take bitcoin to around $14,000 – more than double its current price.
Other experts, however, believe bitcoin will see more short-term losses before any major rise in value.
“As bitcoin edges back up, that previous $6,000 support level has now turned into resistance and is now firmly in the spotlight,” George McDonough, CEO of digital asset investment firm KR1, told The Independent.
“A more back above here will bring the $10,000 level back in focus. I think breaking through it on its first attempt at any time this month is unlikely. What is most likely to happen is that it will test $6,000, fail and head back down towards $4,000.
“I would expect the price to break through $6,000 on any second or third attempt and from there the aim would be to get back to $10,000.”