- Following the breakout above $4,200 in April, Bitcoin has sustained an impressive upward trend.
- Bitcoin expert predictions place it around $10,000 by the end of 2019.
In our previous price analysis, we discussed Bitcoin holding ground above $6,000. This was after the cryptocurrency gains on Thursday fell short of $6,100. However, as predicted in the confluence detector, the bullish trend and momentum were far from over. BTC/USD unstoppable bullish move did not only zoom above the nearest hurdle at $6,100 but this time the bullish volatility sent the price shining above $6,300 on Friday. in turn, forming a high around $6,335.39.
Following the breakout above $4,200 in April, Bitcoin has sustained an impressive upward trend supported by the ascending trendline. Long-term holders of Bitcoin have a reason to smile as the recovery continues to push the limits especially those who bought at levels close to $3,000. The break past EMA200 was also another bullish indicator encouraging the buyers to increase their positions while at the same time focusing on higher levels.
Bitcoin later consolidated in a wide range between $4,900 and $5,400. There were attempts to correct above the range limits in April but the price was pushed right back into the range. However, the trading has been even more fruitful with Bitcoin adding more than $1,000 in less than seven days. The break above $6,000 yesterday was very impressive; it paved the way for another bullish phase that has a short-term focus on $6,500 and a medium focus on $7,000. Bitcoin expert predictions place it around $10,000 by the end of 2019 as long as the technical remain intact.
In the meantime, the price is trading above both the EMA200 and the 100 SMA showing the bulls have the control. Similarly, the RSI and the MACD are sending bullish signals, in turn, confirming the potential bull rally.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.