It has been a long journey waiting for the cryptocurrency market to get back on its feet, and April 2019 seems to be the time. The month started on a high note after Bitcoin made a major leap on 31st March 2019, to break the $4200 resistance that it is has struggled with for almost half a year.
Although this move was thought to be short-lived, the bullish trend has gathered momentum over the last few days and we could be heading for a long bullish ride for the rest of this year.
It is only two days into April and the cryptocurrency, Bitcoin, has seen its value increase by a whopping $500. What financial asset sees such a rise in value in such a short time?
As at the time of this press release, Bitcoin’s value stood at $4,752.68 USD reflecting a bullish trend for two consecutive months now.
With the current trend, gaining $500 per day, the $10,000 target would only take 20 days or at most a month to attain. And investors are hopeful of this given that there are also very many projects that are supporting Bitcoin that are underway. The main one being the awaited launch of Bitwise’s Bitcoin-based ETFs.
The bear trend is officially over!
Analysts predict that the bearish trend that has shadowed Bitcoin for the last two years is over and we are heading to a strong bullish trend especially after breaking the $4200 resistance level. Though going back to its lost glory of above $15,000 per token could seem farfetched, we would see the coin hit the $15,000 by mid this year if all is maintained.
Economist and global markets analysts like Alex Krüger twitted and said that the $4200 officially marked the end of the bear trend since there is no other resistance within range.
That's what no resistance looks like. Nothing but hot air above 4200. The longer the wait, the harder the break. This is what technical analysis is for. $BTC +20% in 45 minutes.
— Alex Krüger (@krugermacro) April 2, 2019
Analysts had earlier stated that for the market prices to push up above the $4200 level, they had to absorb the $80 million from sellers. And since that has already been done, we don’t expect the market prices to drop any time soon.