One common element of a bull rush is to have pundits predicting new highs in an almost rabid desire to see the asset value continue to increase. Just watching the way Bitcoin has been trading over the last few days, with journalists pointing out every resistance level it has broken through, it seems like we are heading into a much more optimistic place for crypto.
The shift from bearish to bullish sentiment becomes almost self-fulfilling if enough people believe it. With quotes like “the psychological resistance point of $6,000 is just within reach” and various technicals (the 21-month exponential moving average) giving positive outlooks, things do seem to be shaping up for Bitcoin.
As the largest and most well-known of the cryptocurrencies, Bitcoin tends to lead the way for all other cryptocurrencies. Having hit a recent low of $4,120 and now risen to around the $5,900 mark at the time of writing this, that is a 40% increase in price that can only signal good things.
The Sober Predictions
On a macro level, it is likely that Bitcoin will see a pullback at some point. This wouldn’t ruin the bullish sentiments but would probably dampen some of the fervor. This is why Fundstrat analyst Robert Sluymer believes we are still in the accumulation phase. His overall belief is summed up below:
“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing.”
This sounds like the most sober of the bullish points of view on Bitcoin and its price, as it reflects the fact that it’s not always going to be all sunshine and daisies.
Another bullish signal is coming from more investors entering space of cryptocurrency investing. For example, tennis player Serena Williams just announced that she had invested in Coinbase as well as over 30 other…