The bitcoin price has soared by more than 11 percent in the past week, allowing the rest of the crypto market to add about $20 billion to its market capitalization.
The bitcoin price surged from $5,682 to $5,910 on Coinbase in just 3 hours, where Coinbase is a leading regulated crypto exchange that operates in the U.S market, reaching a new 2019 high.
The valuation of the crypto market has risen up to more than $20 billion in the past week.
Considering the recent performance of bitcoin and the projections of industry experts, the prominent crypto researcher Willy Woo said that is 95 percent certain the low $3,000 region was the bottom for bitcoin.
Confirmation of Bitcoin bull market?
Crypto researcher Willy Woo had predicted bitcoin to reach a bottom in the second quarter of 2019 based on an indicator called NVTS, this indicator evaluates the fundamental data such as transaction volume with other types of data related to the blockchain to analyse the long-term trend of bitcoin.
He also said that all blockchain indicators point toward a bearish trend and then the bitcoin price plunged from more than $6,000 ultimately to $3,150, just weeks after
Willy Woo’s accurate analysis of the macro trend of bitcoin can be essentially attributed to his consideration of technical and also fundamental factors to evaluate the market conditions.
Willy Woo said last year,
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary”.
Woo said this Tuesday that based on the Bitcoin Network Momentum and the 200-day moving average (MA)–a technical indicator, used to project the long-term trend of an asset–bitcoin had hit its bottom at $3,150 and is now in the process of forming a bull market.
On May 6, He explained saying,
To summarise his view of the market in one spot instead of various webcasts and tweets. He is 95% certain the market has bottomed and that they are unlikely to break below past lows.
Woo also mentioned that the bull market has not been formally confirmed yet and that they need to successfully retest the 200 day MA & Realised Cap, or without retest they need to stay above them for a sizeable time, i.e. about another month.
He said that they also need price to be validated with on-chain volume mooning from there and they’re likely to be getting confirmation soon in the next 4-8 weeks. Many analysts are expecting Bitcoin to undergo a consolidation period in the coming week, to demonstrate stability at the current price level.
Woo indicated that the momentum of the asset can be sustained as long as BTC remains above $4,400.
While some traders are anticipating the dominant cryptocurrency to retest some support levels below $5,000.
When it comes to bitcoin’s rise or crash predictions,
Saxo Bank thinks Bitcoin will increase quite high this year. Their prediction says that the Bitcoin price will rise above $60,000 in 2019, but they also said that the price will then crash and lose more than 98% of its value. That’s quite horrific. Two Saxo Bank analysts also said that
“Bitcoin will continue to riseand rise high, during most of 2019 but Russia and China will together engineer a crash.”
The new cryptocurrency regulations/laws from governments have caused them to thinking this way.