Bitcoin Boom Incoming? Crypto Traders Analyze BTC’s Sudden Turnaround
Crypto analysts are reacting to Bitcoin’s sudden surge above $10,300.
Trader Luke Martin, who called BTC’s rise right before Monday’s rally began, says he now expects Bitcoin to continue climbing throughout the week. Martin is now looking for a close above $10,900 in the short term.
“I’ve gotten you this far, you’re on your own now… As long as price is above the range low ($9,800/$9,900), I favor staying long.
Next condition that would lead to high conviction play similar to today would be closing above $10,900. Using early August levels as a guide.”
Analyst Josh Rager says he’s starting to lean bullish. He’s looking at BTC’s increasing dominance, which now stands at 70% on CoinMarketCap, as a sign that the bottom is in.
“BTC dominance monthly chart looks like the end to the bottom of a market. Looks as if BTC.D capitulated, ‘v’ bottomed followed by a strong recovery. At 72% now, highest since July 2017.
With Bakkt coming, we may not see a strong pullback in BTC market dominance anytime soon.”
An analyst known in the industry as Mr. Anderson tells his crew of 41,000 followers on Twitter that Bitcoin bulls are not out of the woods yet. He’s looking for BTC to move above resistance at $10,600.
“For now, life below $9,800 gets scary for Bulls, life above $9,800 is safer for Bulls, with life above $10,600 scary for Bears. Bulls would like to gain the 21 & 55 Daily exponential moving averages on Spot/Futures.
Bears obviously want to defend & hold them Bulls still have Big Boy 128’s/144/200’s daily.”
Crypto Thies tells his Twitter following that he’s not waiting to flip bullish on BTC.
— CryptoThies (@KingThies) September 2, 2019
Meanwhile, 40-year-trading veteran Peter Brandt, who called Bitcoin’s big drop in January of 2018, says he believes Monday’s rally proves BTC has cemented its status as the cryptocurrency with the most proven value.
Brandt says BTC may be starting its fourth parabolic bull cycle and is poised to rally to $100,000.
— Peter Brandt (@PeterLBrandt) September 2, 2019