Bitcoin Touches $4,000 But Can’t be Bullish Until it Crosses the “Key Level”
Crypto market is making a recovery today as the total market cap added about $6 billion at $140 billion. The market is a mix of green and red as Bitcoin crosses $4k level and Holo registers the highest gains of 18 percent while Bitcoin Cash (BCH) is the winner among the top cryptos with more than 10 percent gains. After seeing a significant spike for the past few days, Crypto.com Chain is the biggest loser with over 26 percent losses.
The leading cryptocurrency Bitcoin finally touched the $4k mark after two weeks of no action whatsoever. At the time of writing, Bitcoin has been trading at $4,037 with 24-hours gains of about 2 percent while managing the daily trading volume of $10.2 billion, as per the data provided by Coinmarketcap. Bitcoin hit the highest point on $4,077 but has dropped down a bit.
Bitcoin price 1-day chart, Source: TradingView
According to crypto analyst, The Cryptomist unless BTC breaks the $4.1 level, it’s hard to be bullish.
“Right on cue! Broke out RSI and candle pennants. Expecting us to find ground. Expecting now lower than 3953 region. We have very strong resistance coming 4.1 region. Break this and I turn very bullish!”
According to crypto traders and analysts, Bitcoin is yet again trading in the buying level as Credible Crypto says BTC is testing the supply zone but says it won’t hold again. However, if we do manage to break through, there would be an easy push to $4.1k level. But from here, it is to be seen if Bitcoin will go “straight to $4.3k or $4.5k or will come back down for a little detour first.”
— Alex Krüger (@krugermacro) February 24, 2019
Just recently, Tom Lee of Fundstrat said that the key level to watch for Bitcoin price is the 200-day moving average and if it is crossed, BTC will enter the bull market.
“If Bitcoin holds above $4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market.”
— Weiss Ratings (@WeissRatings) March 15, 2019
However, according to Bloomberg Intelligence analyst, Mike McGlone sees Bitcoin going lower as he wrote in a recent report, “The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”
Binance CEO Expects Bitcoin (BTC) Price to Reach $300,000 in the Future
Changpeng Zhao, the CEO of Binance, one of the lasrgest digital currency exchanges in terms of trading volume,believes that Bitcoin could eventually reach $300,000. He said that no matter how tough the times are, he has always invested in the crypto space.
Is Bitcoin at $300,000 BTC/USD Actually Possible?
Changpeng Zhao is very positive about the future of the space and how Bitcoin could increase its price in the future. He said that no matter if Bitcoin is being traded close to $4,000 or $300,000, they are always operating in the market.
According to Crypto News Site sentiments, he mentioned:
“$4k & $300k there are tough days, and there are good days. We are always here.”
At the end of 2018, Changpeng Zhao wrote a letter to the Binance community in which he made a balance of the year and showed the achievements of the platform, even when he admitted that the year was hellish for virtual currencies.
Most of the experts and analysts, including Changpeng Zhao, believe that 2018 was used to build new projects rather than to speculate with the price of the most valuable digital asset.
Now, there are several enthusiasts that are sure that Bitcoin will be reaching $300,000.
There are many innovations in the space that would allow Bitcoin to reach new highs in the future.
A few days ago, Fundstrat founder, Thomas Lee, said that Bitcoin is six months away from a bull trend. Since its all-time high, Bitcoin lost more than 80% of its value and users are waiting for the digital asset to start growing again.
John McAfee, one of the most popular figures in the crypto space, believes that Bitcoin will reach $1 million by the end of 2020.
Bitcoin is currently being traded around $4,000 and it has a market capitalization of $71 billion.
Bitcoin Price Surpassing $4,000 and Can Revisit $20,000 By 2021 If History Repeats
Here is the story for when we first broke that Bitcoin surpassed the $4,000 price value point.
The lastest BTC price action is said to be sparked by Asian activity and has registered $9.86 million in trading volume and a market cap of $71.11 billion.
Where is Bitcoin in the Greater Scale? 4 Years Ago It was $285 USD
For those who have been in and out or newer to the blockchain space, many believe bitcoin is evolving into its fourth fractal pattner based on history and chart analysis in its ten years of existence. The nature of Bitcoin’s Price action repeating has become apparent to those looking at historical data and graphs and think there is a greater wave expected to come as many are letting their bitcoin price predictions fly. The 90% draw down we have had has always resulted in a 10-20x gain back and usually lasts 1-2 years at 80-90% clawback and we are nearing the end of that route.
Got an @Amazon delivery today and the delivery guy saw the Bitcoin t-shirt I was wearing and talked about the recent price movements. He was surprised after I mentioned all the major players starting to come in.
Awareness and global adoption will get there, one step at a time. pic.twitter.com/53Ok7SqUjb
— Ilir Gashi [LTC⚡] (@mrilirgashi) March 15, 2019
Bitcoin is trading at $4,044 BTC/USD exchange rate and just four years ago, a single bitcoin was $285. Adding to the comment below, cryptocurrency-haters thought those who invested into BTC at $1,000 would never break even:
4 years ago today the price of bitcoin was $285 and the consensus was the people who bought bitcoin at $1000 would never break even.
— Needacoin (@needacoin) March 15, 2019
What do you guys think of Bitcoin’s price news and surge today? As every day gets close with anticipation to the great bitcoin halving, we expect nothing but fireworks in the coin market caps both today, tomorrow and years from now.