Bitcoin is ready for further increases

The BTC/USD pair gained traction above the $5,300 resistance

2 min read

 

Twitter CEO Jack Dorsey thinks Bitcoin will be the Currency of the Internet

The last month was very good for the crypto markets.

Bitcoin showed the ability to climb into the $5,000 area. There was no important selling pressure and that fact can encourage traders that have to expect BTC to see further gains in the near-future.

Just make comparison with Bitcoin’s last month close with the one seen in 2015, actually in October 2015. That was succeeded by a bull run.

This question was opened recently.  A leading cryptocurrency trader revealed that eerie lines are shown today, the similar to 2014/2015 during the bear season.

Bitcoin approaches $5,400.

Today, 2 May,  Bitcoin is trading under 1% at its prevailing price of $5,375.

But take a look at the time frame of one week.

Bitcoin has grown from its lows of $5,100.

And after really disturbing news.

What happened?

New York regulators shook the crypto world with the declaration that  BitFinex, one of the leading crypto exchanges, had cheated investors.

The regulators claimed that Bitfinex employed its own “dollar-backed” stable coin, Tether, to mop $850 million in missing funds and put it under the carpet.

The news like this one caused great drops in Bitcoin’s value. But today, this crypto shows differently attitude.

After the news was published and widespread, BTC dropped a poor 10%. Moreover, it proceeds to escalate back towards its highs of over $5,600.

Besides, Bitcoin posted a green monthly candle. For many analysts it is bullish.

For example, DonAlt, a cryptocurrency analyst, tweeted about BTC’s monthly close.

 

Bitcoin is ready for further increases

 

And there were more very interesting events about Bitcoin in the past weeks.

For example, TD Ameritrade allowed BTC trading, also, eTrade added BTC and ETH. Oh, yes, Samsung is going to create its own token. And maybe the most important, the French government decided the banks have to support crypto.

So, the similarities between Bitcoin’s April of 2019 close and its October of 2015 close, are notably similar.

So, the conclusion can be that after April’s close will be followed by a massive bull run. But it would require a massive entrance of the money. Are we ready for that?

Only in that way, BTC’s price would hit $330k in the next few years said the analysts.

Bitcoin continues in an uptrend. So it is likely to rise towards the $5,500 level in the coming sessions, very soon.

According to newsbtc.com, in the past three sessions, there was a steady rise above $5,280 in bitcoin price against the US Dollar.

The BTC/USD pair reached traction above the $5,300 resistance.

It is above the 100 hourly moving average. The price went up over the $5,340 level and traded at $5,359.

A break above the $5,360 level may open the ways for a potentially the $5,400 level. The next main resistance is near the $5,450 level. That is a point where sellers may arrive. The prevailing price action is positive and, therefore it could be more gains above $5,360.

If a downside change appears, the bulls have to protect $5,280 or $5,250.

Well, it is almost impossible that the next bull run can be the same as in 2015.

But an entrance of money from corporations may be sufficient to feed the new parabolic upwards move.

That is what many investors are expecting.

BTC is at above $5,400 this morning. The consolidation continues.

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