Did Bitcoin awoke?
After a bumpy January, last Friday the Bitcoin woke up and went from US $ 3,400 to US $ 3,700 in a matter of hours. At the time of writing, the leading cryptocurrency is negotiated at US $ 3,656, according to data from CoinMarketCap.
Although the jump is not so big, it may be a principle of change of trend, at least in the short term. The eyes of the investors are on the possible exit of a Bitcoin ETF.
So far this year Bitcoin is struggling to gain more market share, staying firm at 53%.
Most of the main cryptocurrencies have maintained a positive trend over the weekend, the most striking being the Litecoin, which climbed more than 40% in the last 48 hours. At the time of writing, the LTC is trading at US $ 46, jumping to fourth place in the cryptocurrency ranking.
While it is early to say that the market is experiencing a bullish euphoria, in the last hours, it is clear that there was a strong injection of money, giving great relief to the beaten digital asset market.
On the other hand, Ripple, remains comfortable at $ 0.30, while Ethereum struggles to conquer the $ 120.
When can we confirm a change in trend?
From the point of view of technical analysis, the BTC should overcome the US $ 4,000 barrier, and keep it for a few weeks to confirm a real change in trend.
Moving on to the fundamental analysis, if the exit of an ETF is approved, it could give a very important injection of money. Personally I think that Bitcoin would go very fast to US $ 5,000, which will be the great value to beat in the medium term.
My maximum goal for 2019 is US $ 9,700, the biggest obstacle to overcome the 5,000 and 6,300 dollars. As I always say, the only one who will be right is the market.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.