Bitcoin [BTC] has struggled to hold on to earlier attempts to gain a position above $4,000. On Saturday, bitcoin [BTC] rallied to just above the psychological barrier with a 4% rise within 24 hours. The trading volume topped $11 billion, the highest since last April when the bitcoin [BTC] price was trading at over $8,000.
Prominent analyst Galaxy, a trader recently laid out why he expects that Bitcoin could begin a bull rally in the coming months, citing historical trends to support his point. In 2013 – 2015 market cycle bitcoin tried to break out of the bearish resistance thrice, but was rejected each and every time. Surprisingly, the same pattern seems to follow in the recent current market cycle.
Galaxy shared that if the same pattern is followed, April 2019 will be the last month of $3,000 BTC… ever, as the cryptocurrency could begin its next cycle to head into 2020’s halving in that month.
Rhythm Trader, also known as Alec Ziupsnys on Crypto Twitter, explained that if the same trend is followed then bitcoin would touch bottom before rising north to move past its $20,000 all-time high.
One commentator going by KALEO explained about the current cryptocurrency market trend that bitcoin has dropped its price on a parabolic support since 2011. KALEO further added, considering the block reward reduction, which drove Bitcoin into significant bull rallies. He believes that a new all-time high will be achieved soon in the early 2021.
A prominent cryptocurrency analyst and trader, DonAlt shared in an interview that bitcoin bull rally will begin when the price reaches $4,600. He explained that the recent rise in the price of Bitcoin and Ethereum brought hope in crypto space and crypto investors.
Many experts in the crypto-space believe bitcoin [BTC] will soon begin bull rally to reach new all-time high soon.