Bitcoin Positioned to Revisit $5k Prior to Uptrend

News / 28.12.2019

In the early days of December 2019, the one-week chart of BTC revealed an outrageous bullish sign. That is, the 50-week SMA crossed the 100-week SMA and it is known as a golden cross. A golden cross means that buyers are in charge.

The same golden cross signal appeared prior to the over 1000 percent upsurge that ensued between 2016 and 2017. Despite the long term bullish signal, some renowned analysts have highlighted the susceptibility of BTC to a last move to the downside prior to an ultimate return to the macro uptrend.

According to Tone Vays in an interview with BlockTV in recent times, Bitcoin should attain its immediate low during the first quarter of the coming year. He noted that this low in the crypto market will come in around the $5,000s.

At the moment, Vays maintains a short-term bearish outlook but noted in another interview with BlockTV that BTC may reach $50k by 2023.

Aside Vays, other analysts are likewise looking at the $5,000s as a likely eventual bottom for BTC prior to a return to a bull phase.

CryptoBirb strongly believes that the golden cross will have positive effects on the crypto markets. According to him in recent times, it is still possible for BTC to see an eventual decline to $5400-$5,600.

Besides, BitcoinEconomics and Jacob Canfield in recent times considered the sentiment that BTC could experience another shakeout before the emergence of the bull trend.

 

Likewise, trader Mac commented that the low $5ks will be a macro bottom for BTC because of the gathering of technical levels in that region.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.