The world’s largest cryptocurrency by market cap broke above the $5,000 mark for the first time since November and has so far sustained its rally, prompting some analysts to declare an end to the so-called “crypto winter.”
The renewed run has emboldened some analysts to make new calls, including one from a technical trader who correctly predicted bitcoin’s collapse in 2018, founder of Factor Research and Trading Peter Brandt.
After bitcoin’s (BTC-USD) latest rally, he’s now calling for a run up to $50,000 within the next two years.
“I believe that charts reflect underlying supply and demand fundamentals and that’s how we have to look at it,” he said on Yahoo Finance YFi PM.
“What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.”
Either from Dec ’18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase.
The pair of BTC/USD broke the $4,400 and $4,700 levels of resistance or conflict to start a solid rising move.
There was a close resistance over the $4,200 and the hundred-day moving average.
The bulls pushed the price over the 50% Fib retracement level of the previous major failure from the $6,560 high to $3,115 low.
Now it is trading fit above 76.4% Fib retracement level of the main decline from the high to low $6,562-$3,115.
These are positive signs, proposing more gains above the $5,900 level.
So, there are chances of a strong bearish reaction from $6,100, $6,500 or $6,800 in the future upcoming days.
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You have to do your own part of analysis before considering these countries as a location for your crypto exchange operations.
Last year, the biggest crypto exchange Binance had relocated to this country.
The US government has been on the mixed state towards the cryptocurrency since 2013, then it proposed some positive signs on the development of cryptocurrency.
It stated bitcoins not as the legal currency but can be used as a money value business and it can be approved as the property.
The US millennials are very fond of this currency and continue to invest in various formats of business.
It mainly focuses on people’s security so it had officially regulated 30+ crypto exchanges and 200+ companies had already registered for a license to operate bitcoin/cryptocurrency exchanges.
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