Charts Suggest Another Bitcoin Rally May Be Coming

Monday 7 April 2020, 7:45 AM AEST - 1 month ago

Bitcoin Market Dominance Means Imminent Price Rally, Says Tom Lee

Things are looking good for bitcoin from a technical standpoint.

Technical Charts Suggest Positivity for Bitcoin

Per recent technical charts, the worlds number one cryptocurrency by market cap has surged past a crucial position – the same position it moved beyond last January to incur a serious price spike that saw the currency surge past the $10,000 mark in mid-February.

Could this mean that the gloom and doom thats been plaguing bitcoin over the past few weeks is about to come to an end? Could the worlds primary digital currency finally be digging itself out of the dirt and heading for the stars?

Bitcoin has been stuck in a downward cycle since early March. The currency fell from the mid-$10,000 range to about $8,700 by the time the month began, but nothing could have prepared asset holders for what was about to happen. The currency would ultimately fall into the high $3,000 range, thereby losing about 70 percent of its overall value in a very short period.

It has since recovered somewhat and settled about $3,000 higher (its presently trading for about $6,800), but theres plenty of room for improvement. $6,800 is a solid price, but its no $10,000…

So, perhaps this new maneuver on bitcoins part could move it back towards the five-figure range in due time. Richard Rosenblum – co-head of trading at crypto market marker GSR – explained in a statement:

The potential for downward moves remains in these next two weeks, depending on what new health and economic data shows, but the long-term case for crypto has been made stronger by the impacts of this pandemic. As the dust settles, people will begin to look for a store of value.

Live Bitcoin News has reported in its last two articles about bitcoin that the asset is being viewed more as a safe haven asset amongst investors, who are frustrated by the current economic conditions brought on by the pandemic and who believe that the currency is the ...

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