April has proven to be a very positive month for the crypto markets, and bitcoin’s ability to decisively surge into the $5,000 region without incurring any significant selling pressure has shifted the overall market sentiment to be slightly more bullish as many analysts expect BTC to see further gains in the near-future.
One prominent analyst is now pointing out similarities between bitcoin’s April monthly close and that seen in October of 2015, which was followed by a massive bull run.
bitcoin Approaches $5,400 as Recent Tether Fears Fade Away
At the time of writing bitcoin is trading up just under 1% at its current price of $5,375. Over a one-week period, bitcoin has from its lows of $5,100 that were set after news broke regarding the fiasco surrounding the New York Attorney General’s accusations that Tether and Bitfinex were defrauding investors.
In previous years, news like this was ground for significant drops, but bitcoin only shed a mere 10% after the news grew widespread, and it has since recovered much of its losses as it continues climbing back towards its recent highs of over $5,600.
Furthermore, in addition to appearing to have growing strength from a fundamental perspective, bitcoin also posted a green monthly candle that many analysts view as being bullish.
DonAlt, a popular cryptocurrency analyst on Twitter, spoke about BTC’s monthly close in a recent tweet, explaining that his larger time-frame bias is currently bullish.
“$BTC monthly: This is the first time in ages that BTC has broken resistance & closed above it. We’ve finally got support below us that might actually hold, turning my big timeframe bias bullish. I’ll stick with swing longs until that support fails. Buys in green would be juicy,” he said while referencing a BTC monthly candle chart.
monthly:
This is the first time in ages that BTC has broken resistance & closed above it.
We’ve finally got support below us that might actually hold, turning my big timeframe bias bullish.
I’ll stick with swing longs until that support fails.
Buys in green would be juicy.— DonAlt (@CryptoDonAlt)
Analyst: Bull Run Similar to That Seen in 2015 Would Send BTC to Over $330k
Because this monthly close appears to be overwhelmingly bearish, discussion of the next has abounded, and one analyst notes that there are striking similarities between bitcoin’s April of 2019 close and its October of 2015 close, which was directly followed by a massive parabolic bull run.
Galaxy, another popular cryptocurrency analyst on Twitter, discussed these similarities in a recent tweet, explaining that if the next bull run mirrors that seen in 2015 – which would require a massive influx of capital – BTC’s price would hit $330k in the next few years.
“Observing structure similarities between the monthly candles of October 2015 and April 2019. October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years. Another similar bull run puts BTC at over $330K/coin, by the end of 2021,” he noted.
Observing structure similarities between the monthly candles of October 2015 and April 2019.
October 2015 marked the start of most significant bull run in BTC history after a 6500% price surge in 2 years.
Another similar bull run puts BTC at over $330K/coin, by the end of 2021.
— Galaxy (@galaxyBTC)
Although it is unlikely that the next bull run will be identical to that seen in 2015, an influx of capital from corporations and institutions, which would in-turn lead to an inflow in consumer investments, may be enough to fuel another upwards move that many embattled investors are anticipating.
Featured image from Shutterstock.
Published at Thu, 02 May 2019 00:00:27 +0000
