Price of Bitcoin reaches the new 2019 in addition to the $ 5,900 with the Fuming Bulls ahead



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Per CCN.com: Within three hours, the price of bitcoin rose from $ 5,682 to $ 5,910 on Coinbase, a major regulated encryption exchange operating in the US market, reaching a new high in 2019.

Last week, bitcoin's price rose more than 11 percent, allowing the rest of the encryption market to add $ 20 billion to its market capitalization.

The cryptographic market valuation rose more than $ 20 billion last week (source: coinmarketcap.com)

Considering the recent performance of bitcoin and the projections of industry experts, prominent cryptographer Willy Woo said he is 95% sure that the region of just over $ 3,000 is the basis for bitcoin.

What would it take to confirm Bitcoin's bull market?

In November 2018, Woo predicted that bitcoin would reach the lowest level in the second quarter of 2019 based on an indicator called NVTS, which evaluates key data such as transaction volume among other data types belonging to the blockchain to analyze the long trend term of bitcoin. .

At the time, Woo said that all the indicators of blockchain point to a bearish trend. Weeks later, the price of bitcoin fell from more than $ 6,000 to $ 3,150, as projected by the researcher.

"This latest reading of our blockchain and macro market indicators is still at stake. What has changed is that the NVTS has broken its support, usually a sell signal. All of our blockchain indicators remain low. NVT, NVTS, MVRV, BNM, NVM. They are experimental but served to make very correct calls even today, even when traditional exchange indicators were reading the contrary, "Woo said last year.

The precise analysis of the macro trend of bitcoin by Woo can be attributed mainly to the consideration of key factors as well as technical factors to better evaluate market conditions.

On May 7, Woo said that based on the Bitcoin Network Momentum and the 200-day moving average, a technical indicator typically used to project the long-term trend of a bitcoin of assets probably hit its low of $ 3,150 and is in the process of forming a bull market.

Woo explained:

To summarize my view of the market at one point instead of multiple webcasts and tweets. I am 95% sure that the market has hit bottom, which means that it is unlikely that we can break below minimums.

The bull market (up and up) has not yet been formally confirmed. We need to re-test the MA & Realized Cap for 200 days (both ~ $ 4,400 now), or no retest, we need to stay above them for a considerable time, say another month.

In the coming weeks, many analysts generally expect bitcoin to go through a period of consolidation, demonstrating stability at the current price level.

While some traders anticipate the dominant criptomoeda to re-test some support levels below $ 5,000, as long as the BTC remains above $ 4,400, Woo noted that asset momentum can be maintained.

Loyalty is coming

The notable increase in interest in bitcoin, as shown in the increase in the actual volume of bitcoins, which revolves around $ 550 million – almost twice, from $ 270 million in March – comes after Bloomberg reported that Fidelity will launch encryption service. in weeks.

We currently have a selected set of customers that we are supporting on our platform. We will continue to implement our services in the coming weeks and months based on our clients' needs, jurisdictions and other factors. Currently, our service offering is focused on Bitcoin, "Fidelity spokeswoman Arlene Roberts told Bloomberg.

In addition to several technical indicators pointing to the rise in bitcoin, strengthening the cryptographic asset support infrastructure may be rekindling investor confidence in the asset class as it would allow investors who previously could not commit to the market to reconsider their investments. position in the market.

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