Bitcoin up 140%: what's next
In two days, bitcoin has risen in price by more than 20%, and if you count from March 13, the growth amounted to as much as 140%. This is the best result when compared to gold and the S&P 500, which also fell heavily on Black Thursday.
In this article, we will deal with the causes of the unexpected and so strong pump on April 29 and 30, it was halving, FOMO or manipulation. Based on the forecasts of various traders, we will discuss what to expect from the BTC price in the short and medium term.
Let's start with the biggest optimist and the last who still stands on the forecast side of a million dollars for one bitcoin, i.e. Davincij15. At the time when Bitcoin stormed the level of $ 9,000, he made forecast on the MMCrypto channel, according to which, against the backdrop of the outbreak of FOMO , bitcoin breaks this price and moves towards $ 10,000.
[ 19459008] The reason for FOMO Davinci considers the purchases of those who were waiting for Bitcoin to fall below $ 7,000, and now they are trying their best to catch the market, that is, jump into the outgoing train.
And he was partly right, as we know today the market has grown to almost $ 9,500, and only from there the correction began. After this movement, Davinci expects a rollback , which can reduce the price up to $ 8,500. And then the decisive moment will come, because bitcoin will go for a second assault of $ 9,000 and then $ 10,000. This price is bitcoin [19459013 ] at the end of this week or the next, Davinci considers it quite real.
By the way, in the analysis of Davinci, the phrase about big manipulation slipped through, which may lead to thoughts about a possible negative scenario.
Sunny Decree really likes the current pump, it notes that after the collapse of March 12, bitcoin has already risen in price by 140%, and did so on a large trading volume.
But he notes that in order to confirm the uptrend, bitcoin needs to do two things. The first is a breakdown of the upper boundary of the global triangle, which has been drawn on the chart since the beginning of the [bear market [19459 033] in January 2018. The second goal is to establish a higher maximum, for which the price should rise above $ 10,500.
Regarding the current growth of Sunny Decree, I agree with Davinci that in many respects he happened on a hype, but he considers the approaching halving .
But in the sight of the week before and after halving, the market may well go down. Also, in his understanding, the current growth in the stock market is a very large rebound of a dead cat. The Fed's printing press is not omnipotent, and there are more and more problems in the real US economy, which will lead the stock market down to a new bottom and this can also negatively affect the price of bitcoin.
Tony boasted a good deal, because his triangle is completely  ] worked out . True, he left the market earlier, about $ 9,000, but does not regret it and considers the deal very profitable.
Now, according to the trader, there should be a rollback, whereby it can be very strong and lower the price of bitcoin back to the 200-day moving average, that is, to $ 8,000. Because now bitcoin ran into a 50-week moving average - a quick rollback is shown by its special indicator, and he is also waiting for a new drop in the S&P 500 index, which may begin in a few days.
Therefore, in the case of a strong correction, he is going to take the opportunity and to buy more cryptocurrencies .
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that the information in this article is provided as a review so that you can make your own opinion about the market.
Ton Weiss remembered the 50-week moving average, which now acts as resistance, and this is what happens. The previous two times, when Bitcoin confidently broke through this line, we received good growth of 150% in the summer of 2019 and 37% this winter: