Bitcoin’s Rally Looks Sustainable

[hugeblack]

I still believe that the market is behaving with a lot of rationality, upside down and false decline. Many lies, news, and assessments that have influenced the behavior of the Bitcoin but the bright side is that "Bitcoin sentiment is rapidly turning positive. For one thing, mainstream media headlines covering bitcoin has changed from talks of “meltdown” to “Bitcoin broke through $11,000 for the first time since January” (CNBC).  "[1]
The big question now is if bitcoin has already found a bottom and is now set up for a sustained rally.[2]
Do you agree that "Bitcoin’s Rally Looks Sustainable"?
Do you really think that technical analysis can predict the value of bitcoin?

Sources: #1,#2

[krishnapramod]

There is a repetitive pattern since 2011 to now, boom/bust/bottom out/stabilizing, and the cycle repeats again. It was from $6000 to $19000, the last boom and then bust to $6000. I am not an analyst, but after each boom/bust pattern the stabilization point has always been higher than the last bust point so I am assuming $10000 is the new sustainable stabilization point from where the next boom cycle will begin.

Bitcoin market is highly speculative, price predictions based on pricing patterns, TA, can to a large extent predict the existing trend, but again where news/events can have a sudden impact on the Bitcoin market, TA does have its limitations.

[cynical]

I would agree, the correction level if we call it that has shown that it will be higher than the last
in a simplistic explanation, meaning really in overall terms we are moving upwards in the grand scheme of things.

There are a lot of ways to Annalise the markets, we could even compare bitcoin price today to the same time last year,
the result would still be positive.

Im not sure predicting the market is really possible, we have seen that the markets are very sensitive to any sort of news.