Bitcoin’s price movement this year has been nothing short of volatile, hitting monthly highs during the first half of 2019 to current lows. Despite the world’s largest cryptocurrency falling way below the $10,000 mark and currently trading within the $7000-$8000 mark, enthusiasts and holders are still positive of the asset’s bullish nature.
Crypto Welson, a famous cryptocurrency investor, recently tweeted:
“#Bitcoin: It’s a new week, and Bitcoin is at support.
I’m opening long positions in this area, in preparation for a movement upwards this week!
Things are looking bullish, although that would be invalidated if we dropped below support ($7700)”
The price position for the cryptocurrency currently looks fragile, as many other analysts have predicted that the price could go towards either side. Technical analysis of Bitcoin showed that the Chaikin Money Flow [CMF] indicator pointed to a bullish scenario in the next couple of time frames. A bullish ticker on the CMF means that the capital coming into the Bitcoin market was more than the money that was leaving the market.
Crypto Welson was not the only famous analyst who bet on Bitcoin’s bullish nature as Su Zhu; another crypto evangelist claimed that the most significant bull case for Bitcoin right now was ‘unironically’ XRP. Zhu was of the opinion that altcoins with structures like XRP and Ethereym would outperform the ones that look like Bitcoin Cash and EOS in short to medium term. He added:
“Would likely require blowoff top on XRP for wealth effect to cycle down.”
Crypto Welson’s tweet had several comments from Bitcoin enthusiasts, who had their own take on the analyst’s long prediction. Quang, a Twitterati stated:
“Good to know we are thinking the same. I’m long at 7780 with SL at 7700.”
Some Bitcoin users had another opinion on the market atmosphere with HardFork commenting:
“Seeing nothing but lower highs for the past month and declining trading volume. Although it’s still above support I wouldn’t say that’s bullish. I’d call bullish if it gets above the 8.4k range again.”
Although the cryptocurrency’s supporters are still calling a bullish future, the fact remains that the world’s most tremendous digital asset was in a massive slump. Bitcoin is trading for $7928.97, with a total market capitalization of $142.55 billion, as we write this. The crypto king boasts a 24-hour market volume of $13.8 billion.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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