The $4,000 support Bitcoin (BTC) is trying to maintain since the previous weekend has made many aver that the longest crypto winter could be at its end time as Bitcoin, including other coins in the market, begin to gear up for new resistance north wise.
While Bitcoin is still maintaining an upward rally in the market to hold firm against the present support or push higher, a senior market analyst at eToro, Mati Greenspan, established through an analytic approach that the Bitcoin has possible escaped the descending zone which was featured by a huge dip witnessed from the first quarter of 2018 till the year end.
Greenspan gave the assertion after observing the trendy behavior of the crypto dad in the market since the beginning of the deep in 2018 till now.
The eToro analyst said Bitcoin (BTC) traded on the downhill graph line from February to November 2018, but it has been replaced by an ascending triangle. Greenspan noted that a believer of the 2018 plummet should also understand that since December, Bitcoin has been hinged to an ascending triangle.
If you believe that February to November was a descending triangle, you must also believe that December to now is an ascending triangle.#TechnicalAnalysis $BTC #Bitcoin #Crypto #Trigonometry
(This isn't trading advice. Past performance is not an indication of future results.) pic.twitter.com/07WQ9lhWHt
— Mati Greenspan (@MatiGreenspan) March 22, 2019
Despite Attesting To Acceding Trend, Greenspan Previously Said Digital Assets Are Risky
About three month ago, Mati Greenspan, in an interview with AmbCrypto, said digital assets are high-risk investments.
When asked about the possible future behavior of Bitcoin (BTC), Greenspan then, precisely in January, was unable to predict the trend which Bitcoin will likely follow in the next few weeks.
“Neither the BTC bottom nor a bull market can be precisely speculated at present”, Greenspan stated.
The analyst added that adoption is the major drive for digital assets’ price.
Mati described the decline of Bitcoin below its strong psychological barrier – $6,000 as a technical breakout.
“On top of that you had the Bitcoin Cash hard fork and there were also several other stories at the time which were interpreted as bad news that certainly caused negative sentiment in the market,” Greenspan added.
Tim Draper Believes The Moon Is Near For Bitcoin (BTC)
The respected crypto investors and enthusiasts, Tim Draper, known for different factual input on cryptocurrency also gave his own opinion on what the price of Bitcoin would be in the nearest days.
Tim said the moon is near for the cryptocurrency and now is the best time to hodl. Tim crowned his sentiment with a proclamation that Bitcoin (BTC) is headed for a gigantic price hike, and could likely move up to $250,000 by 2023.
Image Credit: Twitter
