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Bitcoin Bull Cycle Rebuilding Claims Analysts

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September 4, 2019 | 

730 Views | 

Darryn Pollock | 

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Bitcoin’s price may have been struggling in the last few months, mostly trading sideways but often falling under significant markers, however, that could all be about to change according to some analysts. 

Clearly, Bitcoin is out of the bear market that plagued most of 2018, it entered the so-called Cryptocurrency Spring” in early 2019, but as the year drew on it became a little bogged down, not able to make it very far past the all important $10,000 mark.

In fact, Bitcoin recently fell into the $9,000 range, but has managed to respond well this week, pushing towards $11,000. It is this recent push through the $10,000 mark that has many analysts and commentators positive that following the stall in action, Bitcoin could be ready for more bullish action.

The price of the token hot as high as $10,800, although it has settled more towards the mid range of $10,500. Having managed to stay above the $10,000 mark, the sentiment that a new bearish cycle was coming has since diapered and there is less fear of the coins lipping to $8,000 now.

Technical strength

Analysts have now examined the graphs of Bitcoin’s price and are suggesting that further gains are very likely and that there is a bullish feeling the overall market currently. 

PlanB, the Twitter account well-known for its analysis of Bitcoin’s stock-to-flow ratio, concluded current conditions translated into the beginning of a fresh bull market. 

“#bitcoin: clear for takeoff,” he summarized on Twitter putting up  a chart of Bitcoin’s 200-week moving average. 

The Bitcoin’s 200-week moving average used by PlanB is important as it shows that lows consistently coincided with the beginning of Bitcoin price ascents to new highs. 

A similar conclusion was also reached, but by looking at the related 20-week moving average, by popular trader, Filb Filb.

“The 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market,” he explained in his latest newsletter. Filb added: “My overall market assumption is that we are in the early phase of the next Bitcoin cycle.”

Bitcoin on the run

Although altcoins have managed to take a little advantage of the movement from Bitcoin, picking up gains for a few coins, the most action is coming just from Bitcoin. It’s dominance is also another aspect that is up, and one that suggests that altcoins are in for a rough time. 

Bitcoin’s dominance is up to 70 percent now which could also be part of the reason why the coin is in such a good space and ready for a new bull run. Most altcoin tokens in the top twenty cryptocurrencies by market cap were completely flat, moving less than 1 percent up or down.

Ether (ETH), the largest altcoin, fell by a negligible 0.35% to remain at $177. Others, such as Bitcoin Cash (BCH), Litecoin (LTC) and NEO (NEO), delivered modest gains. 

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