The price of a cryptocurrency made a successful attempt of a breakthrough after a relatively long period of no volatility. Currently, Bitcoin is trading at $ 4,185.
According to some analysts, the prerequisite for asset growth was the record trading volume of BTC futures this week. In addition, most traders note the change in trading in favor of the bulls. Perhaps we are witnessing the end of the longest bearish trend in the history of Bitcoin.
After rising to $ 300 at the beginning of the week for several days, the leading cryptocurrency kept below the psychologically significant level of $ 4,000, while trading volumes began to decline, which is why some analysts began to wonder about the possibility of consolidation before the next market movement.
The jump occurred against the background of renewed activity of traders – trading volumes in the segment as a whole amounted to $ 27 billion, starting the day at about $ 22 billion. On Tuesday, the figure exceeded $ 34 billion, thus updating the maximum of the last 300 days. On the same day, record values were recorded on the CME bitcoin futures market.
Well-known analyst Peter Brandt believes that the recent price movement of cryptocurrency is very similar to the end of the 2014 bear market. In other words, now is the time to buy BTC:
“If the period from December 2017 to February 2019 is this analogy of the past downtrend, will you actively invest in Bitcoin? I yes. "
At the same time with Bitcoin, other large cryptocurrencies are growing. So, Ethereum , Bitcoin Cash and EOS rose by 11%, Cardano – by 7%, Litecoin – by 6%. The capitalization of the entire cryptocurrency market exceeded $ 142 billion for the first time since the beginning of 2019.
“The conventional wisdom says that if Bitcoin can rise above $ 4,400, this will mark the beginning of a bull market. Higher lows in combination with higher highs do not indicate the end of a bear market. I expect fluctuations in the course until the level of $ 6,000 is passed , ”says popular Twitter analyst DonAlt.
I can’t see what it’s like to go to $ 4,400.
A higher low in combination with a higher market.I'll trade expecting sideways till 6k is breached.
Sell resistance buy support. pic.twitter.com/snnnjmu1wK– DonAlt (@CryptoDonAlt) February 23, 2019
Publication date 24.02.2019
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