|

Bitcoin surging above $5,200: Forbes contributor Clem Chambers believes BTC is the new gold

  • BTC/USD dipped from a high almost touching $5,200 only to find balance at $4,950.
  • Bitcoin sentimental and technical levels are still positive.
  • Bitcoin is shaking the ground that gold has been sitting on for years.
  • The surge in April 2019 has increase investors’ confidence and optimism of bull rally.

Bitcoin re-entered the broke broken channel support yesterday following the sudden brief surge from $5,000. Prior to the bullish move, BTC/USD had dipped from a high almost touching $5,200 only to find balance at $4,950. As discussed in an earlier published article, BTC/USD spiked upwards following a break past the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour.

At press time, Bitcoin sentimental and technical levels are still positive in spite of the correction from the intraday high around $5,274.53. The relative strength index (RSI) is moving into the overbought to show that the bulls are in control. A growing bullish momentum is likely to break past the ascending trendline resistance, a move that could extend the gains to $5,300 and eventually $5,400.

Clem Chambers, a renowned Forbes contributor in his recent articles said that Bitcoin is shaking the ground that gold has been sitting on for years. Chambers predicts that the crypto market has come to the end of the crypto winter.

The analyst says that while gold has been used as a hedging asset for many years, many investors are discovering a new player and that is Bitcoin. According to Google Trends Bitcoin interest continues to grow although, it still lags behind the levels achieved in 2017. Moreover, the surge in April 2019 has increase investors’ confidence and optimism of bull rally in the nearest future. According to Chambers $6,000 is an “easy target” for BTC, however, $10,000 is impossible in 2019.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.

Top Crypto Losers: Pump.fun, Pudgy Penguins, and Hyperliquid extend bearish streak

Pump.fun, Pudgy Penguins, and Hyperliquid lose ground in an extended bearish streak, recording double-digit losses this week. The surprise drop in the November US CPI to 2.7%, beating expectations of 3.1%, fueled a rally in the stock market.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

Bitcoin, Ethereum and XRP saw increased volatility following the US CPI report for November. The US headline inflation dropped to 2.7% while core CPI fell to 2.6%, its lowest level since March 2021.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.