Bitcoin price has experienced a surge recently, which is similar to what it went through towards the end of 2017. That has left many Bitcoin users with many questions such as what happens to Bitcoin price next. Will it burst beyond the $20,000 mark again? Several experts believe that Bitcoin is yet to see its best days.
While some of its old critics still believe that the Bitcoin bubble burst is around the corner, its supporters believe that it will hop and skip to old heights or even higher. At the time of writing this article, Bitcoin was priced at 8,687.15, a 44.56% rise from its price on March 4th.
Bitcoin’s Moving Averages
Will Bitcoin recover its high of $18737.60? Well, several factors indicate it will. One notable supporter of Bitcoin is Peter Brandit. He says Bitcoin will soon inch closer to the $20,000 mark, if weekly moving averages are anything to go by.
He compares Bitcoin’s weekly moving averages to those of 2015, which saw Bitcoin reach a high of $20,000 in some exchanges within two years.
Other financial experts who have made similar predictions include Robert Sluymer and Thomas Lee, both from Fundstrat.
So far, the new price move has been closing the Bitcoin price above its 50-weekly moving average. Traditionally, that indicates the market is going to experience a massive bull run.
Moreover, it is a sign that there is not going to be any Bitcoin bubble burst as some critics have been predicting for a while now.
Bitcoin Golden Cross
The final sign that we will not be seeing the Bitcoin crash of 2018 any time soon is the “Golden Cross.” The Golden Cross refers to the point where the short-term moving average of any asset rises above its long-term moving average. Bitcoin has had several of those since 2015.
When that happened then, the Bitcoin price rose from $300 to $20,000 within two years.
While no one can accurately predict the direction any asset will take, let alone Bitcoin, market indicators offer the best cue on what to expect. In the case of Bitcoin, the market indicators tell us we should expect a massive bull run soon.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.