Trading May 3, 2019 Daily Hodl Staff

Crypto Trader Who Called Bitcoin Crash Now Bullish on BTC – XRP, Ethereum, Litecoin Forecasts

A veteran technical trader is comparing Bitcoin’s recent surge to the start of the massive bull run that brought the price of BTC to an all-time high of nearly $20,000 on December 17, 2017.

A new tweet from Peter Brandt, who became a legend among crypto traders for accurately predicting the Bitcoin bear market in January of 2018, is going viral. Brant highlights a technical indicator – Factor’s benchmark weekly moving average (MA) – and compares Bitcoin’s current price action to its movements starting in November 2015 leading up to $19,800.

The last time Factor's benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800. pic.twitter.com/uFJSkV9NwM

— Peter Brandt (@PeterLBrandt) May 2, 2019

Meanwhile, in a new note to clients, Fundstrat analyst Robert Sluymer says he sees Bitcoin at “the early stage of a longer-term recovery,” reports Bloomberg.

“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing. Bottom line: use recent weakness to accumulate.”

Right now, the market is mostly green, with Bitcoin up 4.86% at $5,658. Ethereum is up 4.63% at $165.97, and XRP is up 1.81% at $0.3063, according to Coin360.

Bitcoin Cash and Litecoin lead the top 10 with the largest gains, up 7.91% and 7.29% respectively.