Bitcoin seems to be showing conflicting signals, according to the latest reports. Check out the info below.
Bitcoin price predictions
Bitcoin (BTC) is printing conflicting signals about when the next bull market will kick off. This is reportedly according to metrics shared by two different crypto analytics firms.
Santiment says that BTC continues to have a high correlation with the S&P 500, which the firm notes “limits the likelihood of an upcoming bull run.”
Messari, on the other hand, noted the fact that Bitcoin moving averages recently materialized into a golden cross.
Golden crosses happen when an asset’s 50-day moving average crosses above its 200-day moving average, and Messari says that it “historically foreshadows positive returns” across six-month and one-year timelines.
Bitcoin, ready for a 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.
Stay tuned for more critical news from the crypto space, and make sure to check out the el market as well.