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Digital Currency Revolution Series: Bitcoin Bulls Take-off to $12k Mark, All Set to Skyrocket to Mars, Venus and Jupiter

This morning is again bang, bang, bang in cryptocurrency gamut, bullish steaks of bitcoin trading have been commendable, thanks again to Year-2019 that has been conducive for bitcoin miners, exchanges, traders and investors (for mammoth returns of 313 in percentage terms that too within a span of 6 months or so).

Hats off, you crypto-aspirants and incredible institutions ...! Nothing matters but only the trend. "Only Trend is your friend, never buck the trend & BTC has been a trendsetter with a mammoth close to 270% returns just in a span of 6months approximately."

Although there seems to be less retail participation in the crypto space than there was during Bitcoin’s last big rally, hence, FOMO (fear of missing out) sentiments are quite natural from retail crypto traders but the institutions are now fuelling a shortage in supply.

Technically, BTCUSD bulls break-out of range, ever since then bullish engulfing patterns occurred to take-off rallies & hits fresh 2019 highs quite often, break-out above $10k mark most likely to extend uptrend as both leading and lagging oscillators in tandem with the prevailing bullish sentiments (refer daily charts). 

While the major uptrend resumed and surpassed $12k marks to head towards all-time highs after bullish engulfing patterns (monthly chart), while both leading and lagging indicators are in tandem with the current upswings on this timeframe as well.

Quite a few crypto-analysts have been anticipating many bullish targets $25k, $50k, $100,000 and so on. But none in this universe is sure where would it land. Not even with a pinch of salt, we proclaim that this pioneer cryptocurrency has been gaining buying momentum ahead of some underlying fundamental driving forces of the entire cryptocurrency gamut, such as SEC's regulatory decisions on BTC ETFs, Bakkt's testing phase of physically deliverable bitcoin futures, etc. 

Mr.Peter Brandt, who is supposed to be a veteran trader was in the news for terming Bitcoin’s big slump in January of 2018, has now taken aback from his previous stance and calls BTC is likely to shoot up for $100,000 mark.

Having mentioned that, it doesn’t make him unsuccessful nor a hater, but that little skepticism is the actually right thing to follow what market is telling rather than bucking the trend. This quality of following the trend rather than much of analysis or forecasting makes the successful trader, at times too much analysis may lead to paralysis.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 96 levels (which is highly bullish), USD is at -64 (bearish), while articulating (at 06:48 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

By Niranjan Patil
  • Market Data
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