A new voice from one of the world’s leading independent financial consulting agencies worldwide is adding to the chorus of those suggesting that Bitcoin has further to run.
“Technical analysis, including long-term indicators such as the Moving Average Convergence Divergence and the Exponential Moving Average are showing signs that Bitcoin is ready to hit the critical $6,000 level,” says Nigel Green at deVere Group, according to a press release distributed today by UK firm PriorConsultancy.
Analysts and experts are looking at current levels around $5500 after Bitcoin slumped lower than $4000 over the past few months. Christmas was dismal, and New Year’s day had Bitcoin “hodlers” crossing their fingers, but springtime looks a lot better!
Supporting his position, Green cites a “golden cross” event where the 50 day moving average crosses the 200 day moving average as a bullish indicator:
“Further bullish impetus for Bitcoin may also be provided from a so-called ‘golden cross’ – which is when the 50-day moving average pushes beyond the 200-day moving average,” Green says. “Anecdotally too, it seems the broader sentiment is definitely turning decidedly more bullish amongst crypto traders. Many of even the most strident bears appear to be flipping. I believe we will see many retail and institutional investors who have been sitting on the sidelines now unleashing their investment in the crypto market.”
In conclusion, Green suggests that the fundamentals of Bitcoin and other coins are now “stronger then they’ve ever been.”
Over at Cointelegraph, reporter Helen Partz also noticed the golden cross and the general crypto rally.
“Bitcoin continued to gain momentum and has surged to as high as $5,590 today, according to CoinMarketCap. At press time, the biggest cryptocurrency is up 4.6% over the day to $5,572, which is a growth of 9.5% over the past 7 days. … Bitcoin’s dominance on the market has significantly risen over the past 24 hours, up from 52.5% to 53.2% at press time.”
Partz also notes rises by Ethereum, the second largest cryptocurrency by market capitalization, which is trading up near its six-month high of $180, and reveals recent reward changes by if theory him cofounder Vitalik Buterin.
In conclusion, Partz addresses how the kingpin of precious metals fares in today’s market, by contrast:
“Gold prices have fallen to date, with spot gold dropping about 0.2% to $1,272 per ounce. U.S, gold futures are down 0.2% to $1,274 at press time.”
Look for gains in BTC value if these projections are right – we could yet see the biggest year that crypto has ever had!