On Friday Bitcoin rallied a little over 6% and the rapid move above the $5,488 resistance has turned analysts like Peter Brandt and Murad Mahmudov bullish on the largest digital asset. Will BTC tackle $6,000 next?
Bitcoin Price: Market Overview
Things are looking up for Bitcoin price 00. Surprisingly the Tether – Bitfinex debacle appears to have had a limited impact on the bullish sentiment present in the crypto market and Bitcoin is now up 51% from its 2018 low.
At the moment it seems everyone from the world of institutional finance like Fidelity Investments, the Intercontinental Exchange (ICE) to analysts like Barry Silbert, Tom Lee and Peter Brandt are labeling Bitcoin’s current price action as indicative of a bull market. Let’s take a quick glance at the charts to see what’s going on.
The 12 and 26 EMA are on the verge of pulling off a bull cross on the weekly time frame for the first time since early October 2015 and the Bitfinex premium has already pushed BTC price above $6,000. BTC’s most recent move brought the digital asset above the 55 EMA and a glance at the daily chart shows BTC set a higher high today.
Looking back to mid- November 2018 when BTC surprisingly dropped from $7,300, there is little overhead resistance from $6,300 so barring bears setting up a wall of shorts at $6,000 and $6,3000 BTC, and assuming demand remands healthy, Bitcoin could pull of a blue sky breakout to $7,300 over the coming weeks.
Since March BTC has successfully rallied off the successive inverse head and shoulder formations and today’s move above the $5,488 neckline supported BTC’s move to $5,750 on Coinbase.