Will Bitcoin Get to $ 5k before Uptrend?
At the start of December 2019, the one week chart of Bitcoin revealed an outrageous bullish sign. That is, the 50-week SMA crossed the 100-week SMA, known as a Golden Cross. A golden cross means that buyers are in charge.
The same golden cross signal appeared before the over 1000 % upsurge that ensued between 2016 and 2017. Despite the long-term bullish signal, some renowned analysts highlighted BTC’s susceptibility to a last move to the downside before 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 next year. He noted that this low in the crypto market would come in around the $5000s.
At the moment, Vays maintains a short-term bearish outlook but noted in another interview with BlockTV that BTC might reach $50k by 2023.
Other Analysts’ Views on Bitcoin Attaining 5k before Uptrend
Apart from Vays, other analysts are similarly looking at the $5000s as a likely eventual bottom for Bitcoin before returning to a bull phase. CryptoBird 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-$5600.
Moreover, in recent times, Bitcoin Economics and Jacob Canfield considered the sentiment that Bitcoin could experience another shakeout before the emergence of the bull trend. Similarly, trader Mac commented that the low $5ks would be a macro bottom for Bitcoin because of the gathering of technical levels in that region.