Cryptocurrency

BTC-traders and investors are bullish: Bitcoin Is going to repeat his rally of 2019?

There is no doubt more: The Bitcoin sentiment is once again bullish. The psychological $8,000 up to limit has not been at the weekend, below–, and institutional investors begin to buy again.

Bitcoin: market cycles are extended

Analyst Benjamin Cowen has decided in his latest Video for a different perspective on the price data and its analysis, the irrational short-term price movements of the past year excluded.
The aim was to estimate how long the current phase is the accumulation phase will continue. The proposal is that a continuation of current Trends brings the prices in the next market cycle slowly upwards. The cycles are extended, so that the current Phase is likely to last about another year.
Cowen refers several times to the plain Twenty-weekends-average of the BTC-price is currently. He currently serves as resistance at just under $8.400, and suggests that the bull market is not yet arrived.
A long-term Trading Signal in this week for the first Time since March 2019 bullish, and BTC has just closed its largest green weekly candle since the end of October.

Institutional interest is growing

Another measure of market sentiment, the institutional interest is, and also seems to develop slowly up.
Trader “Cantering Clark” about notes that asset managers are starting to buy in a similar pattern as in the first quarter of 2019.

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These data suggest that the Long positions are not as high as it has been since July of last year – shortly after the price is high. The Trader is that it is not “quick money” and pointed to the fact that these positions of “significant money” come from, and not from the Trading with high leverage for quick income.
Cantering Clark:

“What I mean is the net increase, which led to the charge. Leveraged Funds were very short, otherwise as an Asset Manager. Leveraged Funds are quick money.“

Another potentially positive Signal is that the options rise of Bitcoin also – with some of the Price predictions of $12k after the halving. Crypto-Investor “Ceteris Paribus” has observed an exchange on which contracts for 50% of the movement in the next five months will be opened.
Add to this: Today, another institutional Bitcoin product is launched in the Form of CME option contracts. The CEO of JP Morgan has referred to as “eagerly awaited”, since the stock exchange is much larger than Bakkt.
If Bitcoin stays above $8K, and the bears are in a chess holding, it will not be long before another sustainable rise – one that definitively confirmed that we are in a bull market.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.