Bitcoin Is Reportedly Ready For New Leg Up

It’s been just revealed that there are optimistic predictions about the price of Bitcoin. Check out the latest one below.

At the moment of writing this article, BTC is trading in the red, and the coin is priced at $21,708.

A crypto analyst who correctly called the 2018 market bottom for Bitcoin says BTC could be gearing up for fresh rallies. It’s also worth noting the fact that Ethereum (ETH) flashes a bullish signal.

Pseudonymous analyst Smart Contracter said that Bitcoin has likely completed its corrective period and could now be ready for a burst to the upside.

“Honestly think that is the low for BTC, aiming for another leg up on daily to $25,500 from here.”

Smart Contracter is a popular practitioner of Elliott Wave theory.

Just in case you didn’t know, this is a technical analysis approach that aims to predict future price action by following crowd psychology that tends to manifest in waves.

According to the theory, a bullish asset undergoes a five-wave rally, where waves one, three and five are impulse surges and waves two and four are corrective periods.

Popular crypto analyst Nicholas Merten warned the people that Bitcoin’s (BTC) recent surge of over 56% does not necessarily mark the start of a new bull market.

In a new video update, the host of DataDash said that after BTC’s rally from the lows, the flagship cryptocurrency is likely reversing its price trend.

”We have seen stagnation in momentum roughly since back in late January, signs of distribution where institutions are taking advantage of the upward market order flow and buy-side pressure from retail and other speculators and traders in the market.”

The really popular analyst and trader Michaël van de Poppe is updating his outlook on king crypto Bitcoin (BTC) over the coming weeks and months.

Van de Poppe said recently in a new video that Bitcoin could trade in a range for a while before rallying to a price of up to $40,000.