Bitcoin (BTC) has risen 0.15% this weekend, but looking at the cryptocurrency’s chart structure, analysts believe that it remains bullish. In a thread post on Saturday, Murad Mahmudov explained why he believes that BTC’s rise over the $5,500 region is bullish. Mahmudov is the founding partner of Adaptive Capital, and it is very prominent in the cryptocurrency ecosystem.
Reasons Why Bitcoin Is Bullish
In his long thread, Mahmudov began explaining that inly if Bitcoin stays in the area 5450-5550, then it’s “very bullish & megamoonsoon:”
0/20. My list of 20 reasons why I think that if 5450-5550 area holds — its very bullish & megamoonsoon is still on the table:
I repeat, IF, 5450-5550 area holds, THEN, it's quite bullish.
Saturday Megathread: pic.twitter.com/KBbMj8OdU9
— Murad 💹🧲 (@MustStopMurad) May 4, 2019
Let’s summarize his analysis, which is based on technical analysis of price changing over time.
Bitcoin is trading in an ascending pattern, having higher lowers and higher highs, Murad adding that “resistance flipped support on this orderblock.”
Looking at the daily and weekly RSI, we see bullish signs that show the market has enough room to run.
BTC is now trading above key moving averages, “already fully broken through EMA89 and MA50 which both caught multiple local bottom and top areas in both previous and current cycles.”
Moreover, previous reports show that a massive short squeeze will soon follow, similar to the one that took BTC over the $8000 mark in 2018.
Crypto Bear Goes Bull
At the end of 2018 and beginning of 2019, Mahmudov went from bear to bull, often noting that Bitcoin could fall to $1,700, citing factors to convince investors that the sell-off from November was not the “Final Capitulation,” but the “Little Capitulation.”
In another analysis, he also noted that the mention of “Bitcoin” on Twitter was so low that it was “an “absolute disaster for the price in the medium-term.” However, his opinion is now different, saying that he’s sure that, looking at all the bullish signs, there could be a “megamonsoon (…) on the table.”
