Bitcoin’s consolidation from the $6,800 after the war between US and Iran started caught many with euphoria, and analysts in the ecosystem are already predicting Bitcoin’s target in the long and short term as the positive rally continues.
Bitcoin’s rally since the last 3 days has been quite epic. The cryptocurrency denounced the bearish tempo, consolidating away from the $6,800 region to reclaim its position above $7,000, and now Bitcoin’s fractal is closer to attaining $8,000 than going below $7K.
While observing the weekly timeframe of Bitcoin and paying more attention to the EMAs with consideration for past events, Analyst Alanmasters on TradingView claimed he believes the cryptocurrency is capable of reaching $48,000 in the long term this year.
Bitcoin: EMA100 As Resistance, Now Support
Reflecting on Bitcoin’s move in 2019, Alanmaster said BTC conquered EMA100 in April and it was succeeded by a very strong bullish rally.
Back then, Bitcoin maintained the tempo till June – July 2019 before a retracement was witnessed and BTC afterward tested all conquered levels as support.
Alanmaster, nevertheless, said Bitcoin bounces off each time a level is hit down the chart. The analyst expressed that the price of Bitcoin bounced from $9,500 low to $11,700 in late July when the EMA10 was hit.
Similarly, when the EMA50 was hit in late September, a price rebound towards the ceiling was seen in October.
Alanmaster furthered that now that the EMA100 has been hit, we are expecting a bounce off the dip, and such is gradually playing out.
Bitcoin Weekly EMA10 vs EMA50 Bearish Cross
Using another indicator, Alanmaster said Bitcoin has made a bearish cross. The TradingView analyst said the EMA10 line has crossed down the EMA50 line, indicating a “bearish cross.”
Alanmaster advanced that each time such cross is witnessed, Bitcoin price surges up significantly. Referencing the history, the analyst said in November 2014, Bitcoin jumped by 72% from $275 low to $475 high.
Similarly, Bitcoin spiked by 48% in July 2018 and by 31% – 51% in December 2019.
“The low is already in by the time the bearish cross takes place, so our low is set with the 16-Dec. candle based on this scenario, which is also a hammer ( bullish ),” Alanmaster said.
Bitcoin: Long-Wicks Candles
Lastly, Alanmaster cited the long-wick on the candles experienced in the last few weeks. The trader described the event as a rejection of sellers.
While concluding, Alanmaster said all these signals are indicating a relief rally/bounce in prices for Bitcoin, and in the long-term this year, Bitcoin would spike toward $48,000.
Earlier Analyst Joe Saz claimed Bitcoin needs to rally above $7,500 and $7,600 to confirm $8,200 target for the cryptocurrency, and if all these happen, we can say that Bitcoin is now bullish.