Analysts remain bullish about Bitcoin (BTC) and the future of cryptocurrencies. Peter Brandt, one of the most recognized experts and chartists in the industry, showed that Bitcoin is forming a head and shoulders that could eventually push Bitcoin higher.
Bitcoin Analysts Remain Bullish
Bitcoin analysts are starting to make their bets again in the market for a price of Bitcoin that is moving higher. The virtual currency is now being traded around $8,332 and it has a market cap of over $151 billion. Since the beginning of this year, Bitcoin experienced a push towards the ~$9,000 zone that allowed enthusiasts to become bullish once again about this virtual currency.
Peter Brandt explained that there are some reasons to believe that the current correction in Bitcoin could hold. He mentioned that Bitcoin is retesting the upper boundary of a downtrend channel, which tends to be normal.
At the same time, he explained that Bitcoin is retesting the 18 DMA and that the low of January 14 remains intact. However, if these points change and the market moves in a different way, then a more serious correction could occur.
In addition to it, Mati Greenspan, former Senior Market Analyst at eToro, explained that the strength of Bitcoin’s rebound in recent hours was very important for the digital asset to leave bears behind. Indeed, he mentioned that this bounce at $8,200 was very good for Bitcoin.
Back in 2019, Bitcoin was half of the year in a bear market that affected the whole space. Individuals wanted the virtual currency to start growing after a very long time in which Bitcoin didn’t surpass its previous all-time high of $20,000 in 2017. Now, entering 2020 and with the halving event getting closer, investors are placing some of their funds in this virtual currency.
In 2019, Bitcoin was able to reach a price of $13,750, but still far from the record. Enthusiasts consider the virtual currency could end the year above $20,000 and establishing a new all-time high. Regarding altcoins, they have been growing in recent weeks but they are far from controlling the market as it was in early 2018 after the Initial Coin Offering (ICO) craziness.
In the last 24 hours, the fastest-growing virtual currency among the top 10 was EOS that expanded 3.12% and reached a valuation of 3.12%.