Bitcoin has started making some progress after a week-long dip to the mid $9,000s. While many analysts believe the recovery is going to last for a while, another analyst, Joe Mccan has a reason to believe this could last much longer. According to the prominent analyst, Bitcoin could hit $17,000 by the end of August 2019.
MACD Suggests Huge Rally
This Bitcoin chart suggests something big coming for Bitcoin. The chart showed the MACD reaching a bullish crossover that indicates strong market potential. According to McCann, the most recent crossover of this kind returned a 52% and 61% rise from its former price. This time, Bitcoin could be heading to a 60% rally that by calculation places price at $17,000.
The MACD crossover is not coming as a surprise despite the sideways movement of Bitcoin in the last week. While some analysts still show pessimism about the price which they expect to pull back to $8,000, today’s chart may be suggesting something else.
This may be accounted for by the growing interest in Bitcoin triggered by the launch of Bakkt which is already attracting institutional investors in the market. The recent rate cut by the U.S Federal Reserve may also have contributed as Tom Lee suggested since Bitcoin has been on the rise following the cut.
Could halving push it further?
Bitcoin is to experience another reward halving in about a year. This will significantly reduce the supply of Bitcoin, which according to experts could push the price much further. However, some members of the cryptocurrency community express doubt about this as Litecoin hasn’t made any progress despite its approaching halving.
Cryptocurrency trader Timothy Peterson last week stated that the August market has always set a pace for the rest of the year. If this pattern gets repeated, Bitcoin may be making much more progress for the rest of the year and into next year (when the halving will happen).
Bitcoin has been on a steady rise and is currently trading at $10,900 according to CoinGecko. This is the first good weekend for Bitcoin for some time now and if things continue this way, next week may be great.