Will bitcoin bulls break through $10,000? This is a probability according to technical analysis charts.
Bitcoin saw a bearish outside-day candle last week Wednesday – this indicates a slowing down of rally from low $6,425. The bitcoin bulls ignored the bears and defended $8,800 over the weekend.
There didn’t seem to be a break through $9,500 level but charts show the bulls have the upper hand moving forward as of time of writing BTC/USD is at $9,665.61 according to CoinDesk.
According to CoinDesk – the month of may is a weak month for equities and bitcoin has acted as a risk asset since the month of February 2018. Digital asset investors seem to be fearful of bitcoin prices dropping because of the equities drop.
According to Coindesk historical data, bitcoin will build upon its rally in April. Bitcoin is leader by market cap and has seen gains in May in five out of last seven years.
According to historical data on CoinDesk – Bitcoin rose 73% in May 2017 from low $1,348 to $2,330. In 2013 and 2015 the decline in price was less than 10%.
Bitcoin has done well in every second quarter since its inception – in second quarter of 2011 it jumped 1,964% from $0.78 to $16,10.
It is clear to see – history is on the bitcoin bulls side and seasonal analysis indicative of a bull run as seen on CoinDesk chart.
As per CoinDesk observation, the bull breakout could see rally from April low of $6,425 rally to $10,000 mark or more.
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