Is Bitcoin about to see a strong upward move - Analyst

[Reiju]

Crypto analyst and founder of Texas West Capital, Scott Melker, is not convinced that Bitcoin (BTC) has firmly shifted out of its brutal crypto winter to start a new long-term bull trend.

According to Melker, BTC must cross one more crucial level of resistance at $10,584 to confirm a trend reversal. BTC last touched that level back in October of 2019.

“Delete everything from your chart. There’s only one line that matters now. A break of this line would be the first macro higher high since the 14K top. Movement above and a flip to support would effectively end the ‘bear market’ argument. Higher high = confirmed bull trend.”

Source: Scott Melker/Twitter

analyst:-this-highly-bullish-signal-suggests-bitcoin-is-about-to-see-a-strong-upward-movement
ZenLedger

Analyst: this highly bullish signal suggests Bitcoin is about to see a strong upward movement

Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTC’s recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.

BTC’s climb today has marked a slight extension of the uptrend that the cryptocurrency has been caught within for the past five weeks, and it does appear to be facing heightened resistance as it inches towards $10,500.

Now, analysts are noting that the cryptocurrency has been able to flash some highly bullish technical signals, suggesting that it is about to see an explosive movement that could send it surging significantly higher.

Bitcoin races towards $10,500 as bulls continue gaining strength

At the time of writing, Bitcoin is trading up just under one percent at its current price of $10,360, which marks a slight climb from its daily lows of $10,200 that was set yesterday.

In the near-term, it does appear that it faces some resistance around $10,500, as this is where it has experienced multiple micro-rejections throughout the past day.

It is also highly probable that the crypto will incur some turbulence, as the ongoing battle between buyers and sellers is likely to result in another major movement.

Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is currently eyeing a major upside movement due to a bullish ascending triangle that BTC is currently caught within.

Bitcoin, currently ranked #1 by market cap, is down 0.88% over the past 24 hours. BTC has a market cap of $185.8B with a 24 hour volume of $44.86B.
Source: Reddit article

[davis196]

as the ongoing battle between buyers and sellers is likely to result in another major movement.

Battle between buyers and sellers?!?This is funny.So the author of this article thinks that the market is basically a war? If there was really a battle between buyers and sellers,then nobody would buy and sell and the market will be dead.This analysis looks pretty incompetent,if you ask me.I hope that bitcoin will face a strong and stable upward price movement,but I won't sit all day in front of the charts praying for the chart line to move up,because it will signal some big long term price increase.

[Reiju]

as the ongoing battle between buyers and sellers is likely to result in another major movement.

Battle between buyers and sellers?!?This is funny.So the author of this article thinks that the market is basically a war? If there was really a battle between buyers and sellers,then nobody would buy and sell and the market will be dead.This analysis looks pretty incompetent,if you ask me.I hope that bitcoin will face a strong and stable upward price movement,but I won't sit all day in front of the charts praying for the chart line to move up,because it will signal some big long term price increase.

Perhaps it is the war of those who want to achieve a power of 200 billion dollars.
Who has bitcoin power ? China ? America ? Roosevelt ?
who will be the winner in a war of whales
I think bitcoin is the weapon of the future
Didn't you like an my article?

[beerlover]

We have already seen a great increase upwards and I don't doubt that same could still happen a little bit more. When the price is going up, people always call for a bear run because they are either afraid that the good days of bull will run out and that will result with them going down and losing money (people can't believe making profits most of them time) or they simply missed the opportunity of making profits so they are wishing the price would go down and no one else makes profit as well.

Remember just last April? We have moved from freaking $3.5k to $13.8k, it didn't went down during those times, why would it go down now? It won't. Of course, there is always a chance of price going down but that doesn't mean that it has to, it is just one side of the possibility, we should focus on the other side.

[bitbunnny]

as the ongoing battle between buyers and sellers is likely to result in another major movement.

Battle between buyers and sellers?!?This is funny.So the author of this article thinks that the market is basically a war? If there was really a battle between buyers and sellers,then nobody would buy and sell and the market will be dead.This analysis looks pretty incompetent,if you ask me.I hope that bitcoin will face a strong and stable upward price movement,but I won't sit all day in front of the charts praying for the chart line to move up,because it will signal some big long term price increase.

People are writing comments that are just unbelivable. How could there be ware between buyers and sellers, such opinion just shows basic ignorance about regulations in the market and what are its main principles.

No matter the current positive trends I don't expect to see some high and sharp price rise, it's more likely that price will continue to fluctuate and some corrections are possible too.

[Reiju]

We have already seen a great increase upwards and I don't doubt that same could still happen a little bit more. When the price is going up, people always call for a bear run because they are either afraid that the good days of bull will run out and that will result with them going down and losing money (people can't believe making profits most of them time) or they simply missed the opportunity of making profits so they are wishing the price would go down and no one else makes profit as well.

Remember just last April? We have moved from freaking $3.5k to $13.8k, it didn't went down during those times, why would it go down now? It won't. Of course, there is always a chance of price going down but that doesn't mean that it has to, it is just one side of the possibility, we should focus on the other side.

woowww , a very good analysis , who determines this surge ? america , china , Because of the war in the Middle East, people are looking for a safe haven for their money, I think bitcoin is secure enough, I think you saw the price increase in Iran, Can I say fluctuations are for these?

[dentolas]

I think fluctuations are mainly caused by the whales, we shouldn't forget that a few people hold a large portion of the existing BTC... these guys move the market...
We are always looking for natural reasons but most times I think the movement is determined by whales (large old time miners)

[jossiel]

Yes, the market looks very encouraging again but I'll not celebrate too early now. I like what's happening but we need not to let our emotions pull us down. The known quote of Warren Buffett is applicable in these days because everyone is starting to predict higher positions.

If that's the case, telling that we're entering a "long term" bull run. Nobody knows how long the bull run will stay and this won't guarantee the new comers to have exact and good position as we have.

[The Sceptical Chymist]

So the author of this article thinks that the market is basically a war? If there was really a battle between buyers and sellers,then nobody would buy and sell and the market will be dead.

Lol.  The quality of this analysis might have something to do with this:

Source: Reddit article

Anyway, I'd say this is probably old news at this point because bitcoin seems to be on the runway just waiting to take off--and there's already been a "strong upward move".  The only question I have is how high it's going to go and how long it'll continue.  The best time to have been buying bitcoin was when it was crashing below $7k, but I'd also say that now wouldn't be a bad time either--you just might not make as much profit, but you'll still make a profit anyway.

[xen1oph]

It is too early to draw any conclusions about the growth of bitcoin. There are no obvious prerequisites for this movement. Moreover, I'm sure that those who “know what is happening” with the market don't know much more than most people do.

[Febo]

Is Bitcoin about to see a strong upward move

Price of Bitcoin is increasing for straight two months from $6600 to $10300. That is a 56% price increase. This for me is a strong upward move already happened. We are closer to a correction right now then to a two more months of a bull market.

[Zemomtum]

The way Bitcoin price chart looks now, all is pointing to a massive bull run unless anything changes in the next few weeks. The halving will also drive attention which will be additional support for the bull run to take effect

[julius caesar]

Bitcoin has continued pushing past the heavy resistance it has been navigating through over the past few days, with BTC’s recent break above $10,000 allowing it to slowly grind higher as many major altcoins begin building major momentum.

The demand on bitcoin as of now is continuously rising because of the event that is coming this April-May which is the halving. They are now trying to invest on bitcoin and hold it until the halving takes effect. They know that there is a higher chance that the money that they have invested will become doubled or tripled when that time comes.

[Wexnident]

Kek, more resistance levels to break. It's like every time BTC breaks something that analysts say it must break to achieve a bull run, they then say afterward that, "nope, there's one more level to breakthrough".  Sides, a strong upward move? Isn't the fact that after only a single month, BTC has already moved up from $7k to $10k? 

It's kinda amusing how you seem to attach power levels to buyers and sellers in various countries lmao. No single group or what could possibly determine the market price of BTC. Hell, if it were like that, then the system Satoshi thought up of would have never seen this much attention in just a decade.

[dothebeats]

Not really. A strong upward move from $8k to $10k does not necessarily mean that more levels of increase is already confirmed. Lots of resistance levels are still along the way so it wouldn't surprise me much if we go back to 8k any time soon. While the trading volume on exchanges rose significantly, the question is how would the momentum pan out in the long run, or even until the halving arrives?

[wozzek23]

The price has been climbing seriously. I am not the type that checks price regularly, but I checked around last two weeks or so and the price was around $9000 and then I checked after some days and was surprised when I saw that the price climbed up to $10,000+ and reached $10,500 and still going. And yes it did drop back to $10,200 but still did a rebound to $10,300.

The way I am seeing it, it’s likely that we might see another bull run that is far much bigger than the last one we had. The bulls are defending the price aggressively, and this shows that the bears has been defeated.

[danherbias07]

What is with $10,500+?
I have seen one thread also which almost have the same number.
Are you following the same man/analyst? (as you call them)

It will get out of that number and more. No doubt about that. This might be just movements to make people panic.

[bhabygrim]

Didn't we already felt the upward move from the past couple of days or weeks?
But I guess there is nothing wrong to expect another one since we are having a halving this year and there could still be much more to expect before this year ends.
The price of crypto is too hard to predict we couldn't tell what could happen tomorrow.

[TitanGEL]

Didn't we already felt the upward move from the past couple of days or weeks?
But I guess there is nothing wrong to expect another one since we are having a halving this year and there could still be much more to expect before this year ends.
The price of crypto is too hard to predict we couldn't tell what could happen tomorrow.

I do not believe in opinions of self proclaimed analysts in the internet because it is just mere opinions, I only believe and follow my own analysis. There is a strong upward move that happened in this past days but still the RSI of bitcoin is not yet overbought. Those strong upward move are most likely happen above RSI 70 which is not yet happening. I expect that it will happen in this month after the current pullback.

[FanEagle]

Of course, nowadays there will be more bull calls, bitcoin has made a huge leap and everyone thinks now is a great time to buy and everyone suggests a buy call, however reality is not that simple, sure bitcoin could still go up and that possibility is on the table right now, to be so much hyped about bitcoin could however turn out to be hurtful for some investors.

I understand that people like to look at the future and that is a good thing in finances most of the time, however when it comes to products that already increased in the price, you usually do not expect another increase, you expect it to stay the same or even go down to satisfied the markets needs and expectations. All I am trying to say is that, do not expect bitcoin to go up, be happy if it does, but do not be sad if it doesn't.