cryptos now will go back into a parabolic bull market

Analyst: “Cryptos Now Will Go Back Into a Parabolic Bull Market”

 
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Acknowledged analyst Peter Brandt asserted that the Bitcoin price may exceed ATH. He predicts a target price to reach a mark from $50,000 to $72,000. 


Later, while commenting on the topic for the Yahoo, he added that the crypto market is in a good position, adding that the industry “will go back into a parabolic bull market”.

“I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market,” he said. “The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there’s a chance that it doesn’t,” said Brandt.

Throughout last year, Bitcoin’s price had been declining, falling below the $3,400 line in February. However, in the second half of February, the BTC market started to show signs of recovery, slightly rising to $4,100 by the beginning of April. Last week, it has broken the $5,000 mark, and which gave rise to a debate among experts about whether it is a short trend or long-term bullish market.

Analyst Joseph Young claimed on CCN that any technical analysis “primarily depends on the short-term performance of bitcoin, specifically whether the asset will be able to remain above crucial resistance levels.” He was followed by Tom Lee, the head of research at Fundstrat Global Advisors, who noted it is now the right time for growth:

“We see fewer reasons to question the recent recovery [in] Bitcoin prices—the best quarter since 2017. While the key technical price hurdle is BTC closing above its 200D (currently ~$4,600 and falling by $15 per day), we see 2019 as positive risk/reward.”

It is worth noting that besides Bitcoin, some altcoins have seen even larger gains of their price amid the generally positive crypto market.

Also read: Max Keidun, CEO of HodlHodl: The “Bearish” Market Has Come to an End