Bitcoin (BTC) after some days of stagnation, is on the move again, not downward but upward. So far it has gained over 2% in the last 24 hours and cryptocurrency analyst and trader Crypto Thies says it is going far this time.
In a series of tweets, the analyst maintains that Bitcoin market is showing a good sign with a two-week Moving Average Convergence Divergence (MACD) measure turning green which symbolizes a recovery from the state it has been in before now.
While some analysts such as Nunya Bizniz think it is possible to dip below $3000 again before a final rally, Crypto Thies says Bitcoin has bottomed and is not likely to go down to sub $3000 again if his technical metrics are anything to go by.
Bitcoin has been stagnant at just above $5000 for the past several days and this has raised arguments on where the price will be going next. Earlier today, it started ascending from under $5,100 to reach as high as $5,261. As at press time, it is still over $5,200 and seems determined to press further.
Most analysts have predicted an upward trend for Bitcoin this year based on several technical indicators and patterns from the past which suggest a bull run is imminent. According to some analysts, Bitcoin will have to go above $6000 for it to be truly considered a bull run and proof that the winter is over.
The asset has however managed to stay above $5000 which is its new support since it climbed up from $4000. It is, therefore, logical to expect that the next support will be at $6000 and not a dip because even Weiss Ratings expected a dip below $5000 in the past week but Bitcoin was resilient enough to keep its level and not stay under $5000 even though it did drop to $4000 intermittently.
If the current trend continues, Crypto Thies sees Bitcoin closing the year at least at $8000 but if Nunya is right, we may be going as low as $2900 for the first time since the 2018 crash before rising again for a real bull run. But of course, the crypto community and traders would rather have the latter.