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Analyst: If Bitcoin holds over the $ 5,500 region, a & # 39; Megamoonoon & # 39; soon Grace Crypto



While the upward pressure on prices has slowed, resulting in Bitcoin (BTC) only entering a 0.15% gain over the last 24 hours, some are confident that the cryptographic curve chart structure remains bullish. Murad Mahmudov, a basic partner of the upcoming Crypto Fund's Adaptive Capital, recently broke down its justification for why the BTC holding the $ 5,500 region could be "quite bullish."

Related Reading: Analysts believe that bitcoin can continue to dip Lower before rising to $ 6,500

Bitcoin Megamoon Soon

In a 22-split Twitter thread posted Saturday, Mahmudov, who Having risen to becoming one of the most respected voices in the cryptocurrency ecosystem, noted 20 reasons why Bitcoin is currently bullish. Honestly, 20 may be too many to go through, but NewsBTC will break down the important goodies.

First, Bitcoin is currently trading in the middle of a ascending channel, characterized by consistently higher decreases and higher altitudes. With BTC continuing to hold this pattern with an impeccability, a move higher to potentially break out of the upper limit of the channel seems likely.

Then, the stochastic relative strength index (RSI) and the traditional RSI show both bullish signs, both emphasizing that the crypto market is not overtxtended and thus has room to run.

Third, BTC is currently trading over important moving averages, such as the 50-week simple moving average and 89-week exponentially moving average, which "captured several local bottom and top ranges in both past and current cycles." [19659006] And finally, as indicated in previous reports, there has been an unprecedented rally in the amount of BTC in short-term contracts, resulting in the postponement of Mahmudov and others, that a massive short press may soon enter.

From Crypto Bear To Bull

All this marks a confirmation that Mahmudov has turned from bear to bull. As NewsBTC reported several times in late 2018 and early 2019, the Adaptive Capital partner was obviously bearish on several occasions. Often he noted that Bitcoin still had a chance to fall to $ 1,700, and cited historical factors to try to convince investors that November's sales could have been "Little Capitulation" before "Final Capitulation," coupled with the idea that BTC's long-term Cycles dictate that a rally this may soon be illogical.

In one analysis, he noted that the diminishing number of "Bitcoin" reviews on Twitter was an "absolute disaster for the medium term price". He stated that this underscores how "far fewer people care about decentralized, sovereign, non-inflatable currency" than it may seem from the surface, and how little effect the parabolic rebellion of 2017 had on the size of that society.

Now, however, he revealed in a recent Tone Vays Youtube episode that he is 75% sure the crypto market has found a long-term floor. And this time, it doesn't seem like he'll be wishy-washy at all, as all the characters seem to lean in favor of the bulls. His colleagues would agree.

Related Reading: Prominent Analysts Spread over Bitcoin Bottom: Let's Look At The Two Pages
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