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Just seven weeks ago, Bitcoin (BTC) was trading down in the dumps, at $3,700 after one of the worst trading sessions in the cryptocurrency market ever.
In the wake of that move, there were many analysts calling for the crypto market to fall even lower than it had, but digital assets quickly rebounded across the board in a show of resilience.
Just around 50 days after the crash and the Bitcoin price is now trading at $9,200 — 150% higher than the $3,700 lows, a stellar performance that puts almost any other $100 billion+ asset to shame.
Although impressive, analysts are convinced that more upside is in the cards for the crypto market, citing a convergence of technical and fundamental factors boosting BTC’s outlook.
BITCOIN’S CHART IS OVERWHELMINGLY BULLISH
The past week has seen the crypto market explode after two weeks of accumulation.
The BTC price recently shot past $9,000, reaching a local high of $9,500.
This move past the ever-important $9,000 level, which acted as both psychological and technical resistance, is just the start of a greater bull run, analysts say.
One well-known trader corroborated this narrative, identifying five technical and fundamental reasons to be bullish on Bitcoin at the moment, despite the fears of a global recession and a downturn in the stock market:
- Mex funding+premium index still negative
- Above the yearly vwap
- Above the 200 DMA
- Bullish 1D cloud
- Halving in 10 days
- Asserting how strong the current bull trend is, the trader concluded by writing that while “you might not call and short THE top, you will save yourself a lot of potential headaches by just waiting for a break in the 1D market structure.”
- While all the topics the trader mentioned suggest more upside is imminent, the Bitcoin halving is likely to act as the biggest catalyst for a bull run, analysts say.
- May’s halving is expected to be certainly bullish for Bitcoin and the rest of the cryptocurrency market, with one prominent analyst suggesting that BTC will have a fair price of around $288,000 — over 3,000% higher than the current price — after the event.
- In other trending Bitcoin News today:
- Arthur Hayes Teases $420,000 Bitcoin As Elon Musk Asks Crypto Traders for Anime BTC
- The CEO of the crypto derivatives exchange BitMEX is highlighting Bitcoin’s decentralization, teasing a massive Bitcoin price and taking a shot at Elon Musk – all in a single tweet.
- On Friday, Arthur Hayes “announced” that he has secured enough funding to take Bitcoin off the public market once it hits the $420,000 mark.
- The statement is a twist on Elon Musk’s infamous tweet about his plans to take Tesla private when it hits $420 a share.
- That tweet landed Musk in hot water with the US Securities and Exchange Commission, which accused him of misleading investors.
- Musk eventually settled with the SEC and paid a $40-million fine without admitting any wrongdoing.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.