Bitcoin Makes a “Classic Bull Flag” and Jumps above $9,500, Get Ready for $16,000

Must Read

Three determinants of the Bitcoin price

Bitcoin is known to be one of the highly volatile currencies in the world of digital assets....

Ether (ETH), Monero (XMR), XRP, Litecoin (LTC), & Tezos (XTZ): Kraken Survey Reveals Top Altcoins

Cryptocurrency exchange Kraken which has been seeing heightened activity and is on a hiring spree in the...

March Hits Hard: Bitcoin Network Sees its Biggest Drop in Hash Rate & Difficulty Adjustment

On March 1st, the hash rate of the bitcoin network hit its all-time high at 136.26 Th/s...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Bitcoin has made a new high of 2020 at $9,521 at Bitstamp while over $1 billion worth of BTC has changed hands on top ten exchanges with real volume.

Currently, we are up 29.69%, on track for the best Q1 in 7 years. 2014, 2015, and 2016 were three consecutive red years when Bitcoin registered losses of 39.9%, 23.73%, and 3.21% respectively in Q1, as per analytics firm Skew. 2018 was also a red year, recording as much as 50% losses in Q1.

Years 2017 and 2019 saw some greens of 11.21% and 10.34% respectively which are extremely lower than the returns seen in January this year.

Larger Altcoins Enjoying the Greens too

Bitcoin surging has altcoins climbing as well, with Litecoin up over 13%, Zcash 9.19%, Chainlink 7.63%, and EOS 6.76%.

But amidst this spike, US-based leading exchange Coinbase went under maintenance. However, this has been a scheduled one.

Pulback expected after a Breakout but Bitcoin Looking Strong

Just recently we reported how Mati Greenspan, founder of Quantum Economics stated that “it doesn’t get much more bullish than this,” as Bitcoin crushes 200 Day Moving Average and downward channel.

In his Thursday newsletter, Greenspan shared that normally after a breakout like the one we saw, a pullback is expected.

“Most of the time when a major resistance level is broken to the upside, the market likes to then test that very same level as a support to see if it can then hold the price up,” said Greenspan.

But the resulting pattern this time is looking like a “classic bull flag,” which is just another sign pointing up. And today, we recorded another 5% move up. According to Greenspan, an upward break of $9,400 means we could test $10,000.

Analyst Bob Loukas echoes similar sentiments as he said the new cycle is coming into focus but it is still bullish because it hasn’t turned lower.

An 80% Uptrend Coming

But this isn’t all, a move above 200 DMA is a “positive milestone and reinforcing 2020 shaping up to be great year for BTC,” says Bitcoin bull and research firm Fundsrat’s Tom Lee.

It is actually a good long term indicator that is viewed as an upward trending market. Historically, such a move has also resulted in an 80% move that means we could go as high as $16,000.

Today was also the time when the open interest on crypto derivatives exchange BitMEX for XBTUSD reached a crucial level of $1 billion yet again. Previously, whenever this physiological level was hit, it instantly dropped.

The market is currently very bullish and volatility is also on the rise as longs get over leveraged.

Overall the market is looking good but with the market getting greedy, as Crypto Fear and Greed Index to “greed” from “fear” last week, it’s also time to be cautious and snatch any buy the dip opportunity.

- Advertisement -
- Advertisement -

Latest News

Ether (ETH), Monero (XMR), XRP, Litecoin (LTC), & Tezos (XTZ): Kraken Survey Reveals Top Altcoins

Cryptocurrency exchange Kraken which has been seeing heightened activity and is on a hiring spree in the...
- Advertisement -Earn Free Bitcoin

MyTvchain.com Records Growth for The First Blockchain ​​Web Tv Platform Dedicated to Sport Clubs And Athletes

Sophia Antipolis (France) and Singapore: The first web TV platform dedicated to sports clubs and athletes opened in...

Crypto-Broker Instacoins Receives Operating License in Estonia

Instacoins Estonia OÜ, a cryptocurrency brokerage, is pleased to announce it has received an operating license from the Estonian Financial Intelligence Unit (FIU). The...

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms.

iOWN Token is now listed on LATOKEN and P2PB2B exchange platforms. Both platforms are the first of many high-volume exchanges to list...

Momentum Protocol announces Solution Provider Program

Momentum Protocol announced today that it is starting to roll out its Solution Provider Program. An initial set of partners have already...