Despite Tether Concerns, notable analysts remain Bullish On Bitcoin (BTC)

What many thoughts would never happen on Thursday. Just days after Tether Limited, the company behind USDT stablecoin, mined $ 300 million in its crypto activity, it reported that the operator, iFinex, may be on thin ice. As a result of this news, Bitcoin (BTC) fell by 10% in minutes, and died from $ 5,550 on Coinbase to $ 4,950 in a quick sale.

Related reading: Crypto divided over tether, some "undoubtedly" Bullish On Bitcoin

But since these news broke, cryptographic curves across the board have been restored, as some have begun to suspect that this debate may not have a significant impact on this market's resilience.

Bitcoin Holds Strong After Tether & # 39; FUD & # 39; [1[ads1]9659005] By analysis by The Crypto Monk, a successful trader, the dust of this recent imbroglio has settled, and Bitcoin's chart structure is still "looking good for bulls." Monk did not give much reason for this point, but the chart related to his message showed that BTC has held over $ 4,800, a key level of support that is where 200-day moving averages sit.

The chart's structure does not look good, but also trade statistics and technical indicators. As Murad Mahmudov, a popular analyst who is 75% confident that the cryptocurrency bottom is in the postulated, the long short position on the Bitfinex and Relative Strength Index (RSI) wires has led him to believe that a move higher is incoming. A specific forecast was not mentioned, but Mahmudov drew an arrow ending at $ 6,300, which means that Bitcoin is expected to face great resistance at a historical level.

The other side of the equation

Of course, others are not so sure that Bitcoin's chart Looks to be quite bullish. According to a chart from the business sector Financial Survivalism, this move confirms that Bitcoin's current market structure is as seen in December's decline, but inversed. Thus, if the story is followed, BTC may be ready to see a $ 1,000 refund, potentially for the $ 4,200 series.

But it can't be that simple. As a number of analysts, such as Crypto Birb and Satoshi Flipper, have claimed that Bitcoin should move higher from here, it must convincingly cut past $ 5,200 on BitMEX and go to $ 5,300 for a "liquidity test". The time to write this, said "liquidity flip test" has not yet occurred. However, with positive industrial development, such as TD Ameritrade and E * Trade's alleged plans to offer Spotcoin trading, some are confident that BTC will reach its pre-crash levels in no time.

Related Reading: TD Ameritrade Following Footsteps of Fidelity, NYSE and Enter Crypto, Boosting Sentiment
  Featured Image from Shutterstock 

Source link

Back to top button