Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market

As the bullish Bitcoin rally continues and shows no signs of slowing, the entire crypto market has erupted with charts, thoughts, and speculation.
The powerfully bullish price momentum has caused much FOMO across the space and has helped carry the price of the leading cryptocurrency by market cap upwards towards $8,000, after breaking through $6,000 – resistance that was expected to be incredibly difficult to break – and $7,500 like a hot knife through butter. The parabolic uptrend that reenergized the crypto market has now in just 40 days of bullish price action, erased all of the damage done in nearly 8 months of bear market.
“Mental” Large Scale Bitcoin Price Recovery Undoes 8 Months of Bear
According to prominent cryptocurrency analysts GalaxyBTC, the last 40 days of bull market – if we are indeed in the midst of a bull market – has been enough to completely erase full 235 days of bear market, or nearly eight full months of bearish sell pressure deleted in just over a month of buying.

The large-scale price recovery is mental.
235 days of bear market already erased in the last 40 days of bull.
And this time without massive media coverage, ico craze or heavy dumb money flowing in.
Just pure fundamentals. #bitcoin
— Galaxy (@galaxyBTC) May 12, 2019

The early April rally that sent the price of Bitcoin climbing $1,000 within an hour took a short pit stop between $5,000 and $5,800 before breaking through $6,000 and swiftly climbing higher to just under $8,000 – the next resistance level Bitcoin is currently flirting with.
Related Reading | Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
The rally from $4,200 to current levels, undid nearly eight months worth of bear market, dating back as far as August 2018.
The analyst points out, what makes this rally more interesting is the lack of media frenzy, ICO craze, or “dumb money” flowing into the crypto market, driving up prices, as was seen at the end fo the 2017 hype bubble that led Bitcoin to its all-time high of $20,000 per BTC. Much of the buying is said to be the result of institutional interest increasing, and systematic buying from “smart money” and other major players who have been accumulating Bitcoin since yearly lows were set.
Since the yearly low was set back in December 2018, the price of Bitcoin has more than doubled in value, suggesting that the bottom has indeed been set, and that Bitcoin has exited accumulation into the next bull run and market cycle.
Related Reading | Crypto Analyst: Bitcoin MACD Histogram More Extended Than During Previous Bull Cycle
Most didn’t expect Bitcoin to reach current heights so soon after printing yearly lows and after the longest bear market on record. What started as a disbelief rally has gone full parabolic, and already has many revisiting past price targets well above Bitcoin’s last all-time high of $20,000, with many suggesting a new all-time high could be set before the end of the year given the FOMO felt across the global crypto market.
Featured image from Shutterstock
The post Bitcoin Bulls Are Back: 40 Days of Uptrend Erases Nearly 8 Months of Bear Market appeared first on NewsBTC.
Source: New

Crypto Analyst: April Is the Last Month to Buy Cheap BTC, Bitcoin Price Never Again $3K

As Bitcoin’s current trading range tightens and price consolidates ahead of the next major trend-defining move, the entire crypto community is speculating on whether or not Bitcoin price may have bottomed or if there is more pain to come for BTC investors.
One prominent crypto trader and analyst is confident that Bitcoin price will never again trade in the $3K range, and that April will be the last month to buy “cheap BTC.”
Bitcoin Price Bottoming Pattern Suggests Cheap BTC Ends This April
Volatility has all but disappeared in Bitcoin price charts. When this happens, it typically indicates that an extremely violent move is incoming that could set the trend tone for weeks and even months to come.
The last time Bitcoin price went through an extended period of stability, was right before the powerful break of critical support at $6K that brought us to our current trading range. If the touch of the current bear market low of $3,150 was indeed the bottom, the next major movement could be up and send the first ever crypto back on a course of bullish expansion. But if price continues to trend downward, another 50% drop isn’t out of the question.

Although prices may appear to be random (to some), they actually create repeating patterns and trends.
Observing this pattern makes April the last month of cheap $BTC.
And now, of course it will be cheap multiple times in the future, but never $3K cheap. $BTC
— Galaxy (@galaxyBTC) March 13, 2019

One prominent cryptocurrency analyst, GalaxyBTC, however, expects the current trading range to expire starting in April 2019. The analyst’s chart demonstrates the price structure of the previous Bitcoin bear market making three touches of a downtrend line that were violently rejected. After the third touch, BTC breaks through with gusto and reignites the next bull market with a slow, yet steady ascent.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
Comparing the current bear market BTC price structure, the trader believes there will be a final rejection when Bitcoin touches the downtrend line once again in the coming days, followed by a final swing up that breaks through the downtrend resistance and restores confidence in the market.
The first touch of the downtrend was created when Bitcoin’s parabolic advance was broken in late December 2017, and the most recent touch was when Bitcoin exploded below $6K. The third and final touch before breakout is expected any day according to GalaxyBTC’s charts.
Bitcoin Price: BTC Never Again Below $3K
Not only does the trader expect the end of “cheap BTC: to come to an end in April, which is only a mere month away at this point, the crypto analyst also believes that this marks the last time Bitcoin will ever trade in the $3K range.
He further clarifies that while Bitcoin will occasionally reach other price points that can be perceived as “cheap,” the price per BTC will never again be “$3K cheap.”
Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us
Bitcoin’s current bear market bottom reached $3,150 and made a quick bounce. Since then, the price hasn’t retested what appears to be the ultimate low, suggesting that those who missed out on buying that low will be forever waiting for their opportunity to buy the elusive BTC price bottom.
Featured image from Shutterstock
The post Crypto Analyst: April Is the Last Month to Buy Cheap BTC, Bitcoin Price Never Again $3K appeared first on NewsBTC.
Source: New