The new peak set by the Bitcoin price this year was on Friday, when it reached $5,796.93. The trend has kept going up at 54.08%, bringing the asset’s total recovery to 82%, preparing the cryptocurrency for a new record high.
According to CNN’s analysis, Bitcoin price will keep on rising and go over the $20,000 peak we witnessed at the end of 2017.
Bitcoin To Soon Reach a New Record High in 2019
The report stated that there are three reasons why Bitcoin will reach the record high:
“Reason 1: Moving Averages Mimic Historical Pattern from 2015
Reason 2: Relative Strength Index Rages Bullish
Reason 3: The Bitcoin Price Formed a ‘Golden Cross’”
Looking at the predictions and data provided by financial experts, analysts, and benchmark results, the price of Bitcoin will undoubtedly go higher this year.
Reason 1 – Peter Brandt noted in a Tweet that the Bitcoin is experiencing the same moving averages from 2015:
The last time Factor's benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800. pic.twitter.com/uFJSkV9NwM
— Peter Brandt (@PeterLBrandt) May 2, 2019
The same thing was claimed by Robert Sluymer, a technical strategist at Fundstrat (Wall Street strategy firm), who thinks that bitcoin is tearing into a bull market.
Now Bitcoin is over the 50-weekly MA, so the possibility of bull run is pretty high.
Reason 2 – The relative Relative Strength Indicator is over 53.65, with the buying sentiment also increasing.
Reason 3 – The last Golden Cross Bitcoin witnessed was in October 2015 when it was priced at $300, later bringing the price close to $20,000. This April, it formed a Golden Cross, which could spell good news for the next months.
At the moment, Bitcoin is trading at $5,700, but looking at all the reasons provided by CNN’s Yashu Gola, we will see the price reach and go over the $20,000 mark, “perhaps even sooner than many bulls expect.”
