Last week was exhilarating as was covered on this publication extensively in terms of the soaring crypto prices. Bitcoin went on to breach key resistance levels and hold true in a manner that was last seen back in 2017. Last week Bitcoin went on to reach the $5,000 mark for the first time since November, a feat that animated the entire crypto community.
Bitcoin has stabilized since then and has consolidated around the $5,100 mark. Analysts are currently doing their best to try and gauge which direction the prices are going to go to in the coming weeks, and months, as well as the extent in which these prices might move.
According to one prominent trader who goes by the title of ‘Crypto Thies,’ a move drastically higher could be in the offing for Bitcoin. Thies took to twitter to explain his position and reasoning on the direction he expects the prices to take. The way he saw it; Bitcoin could hit support at $4,300, and $4,700 where the assets current 200 day moving average sits. He also saw BTC having trouble breaking the $5,500 and $5,700 resistance levels let alone the $6,600 and $8,400 price points.
$BTC
Quick thoughts
-Supports @ $4.7k & $4.3k
-Resistances @ $5.5k, $5.7k, $6.6k,$8.4k
-Confident we touch at least $4.7k again but I see an attempt upwards first
-1wk BB Sqz + 2wk candle breaking above midBB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks pic.twitter.com/2e4KThdf8r— Crypto Thies (@KingThies) April 7, 2019
The trader is however confident that the crypto-currency will break above in the coming weeks. He chokes down his opinion to the fact that the Bollinger Bands (BB) have begun to squeeze on the one week chart along with BTC’s two week candle breaking above its middle BB, suggesting a move to a higher BB which currently sits at $8,400.
Thies Pseudo-prediction comes in higher than most predictions that have been made so far. One prediction by Brian Kelly while on CNBC said that the current crypto surge would only rally the crypto to $6,000 Max. He explained that “high net worth individuals, family offices, are starting to take a serious interest” in Bitcoin with propping up custody solutions beginning to amplify volumes as well. This according to him presents a strong case for 20 percent rally from here.
Other notable people in the crypto community have been more bullish in their Bitcoin outlook than the last two though. One such individual is Fundstrat’s in-house Bitcoin optimist, Tom Lee, who recently told Bloomberg that he believed that the crypto market was now out of its winter period and could now be seen as a bull market. While looking at a 200 day moving average for BTC to back up his point, he added that the market was still undervalued, and that a fair price for BTC would be $14,000.
So is the crypto market finally crossed over to a Bullish state? A lot of analysts think so, Brian Kelly, Crypto Thies and Brian Kelly all trusted analysts certainly believe so as well. You have to agree that they all make compelling cases to support their assertions.
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