Bullish trend for bitcoin predicted
Thomas Lee, co-founder of Fundstrat Global Advisors claimed that bitcoin (BTC) was back in a bullish trend in a recent interview with Bloomberg. Lee pointed out that bitcoin critics had declared the cryptocurrency dead since it had lost 90 percent of its value. Actually huge swings have happened before. Leek notes that bitcoin has now broken through its 200-day moving average (MA) a move that Lee claims has to change sentiment creating a bull market. He also noted that the US dollar was not strengthening and China’s equity multiplier had been, factors he thinks created a tail wind for bitcoin’s rise.
Lee also said that there is evidence that the whales, investors who buy and sell large amounts of cryptocurrency, are starting to accumulate more coins again. Lee said: “A lot of them sold, in early 2018, that’s dry powder, they’re starting to put that to work.”
Lee had predicted earlier in March that he thought a bitcoin bull market could return within six months and at that time advised investors to keep an eye on the 200-day moving average. The month before in February Fundstrat Global Advisors, released its outlook for cryptocurrencies for 2019. Analysts describe incremental improvements which they claim could lead to higher prices. At present many of the 20 main cryptocoins are in the green.
Bitcoin futures trading reaches record volume
The leading US derivative market CME Group reported that bitcoin (BTC) futures reported a record trading volume on April 4. The volume of its bitcoin futures hit 22,500 a record and equivalent to about 112,700 BTC. The previous record was on February 19 when over 18,300 contracts traded.
Present situation
24 hours ago bitcoin was trading at $5,018 according to CoinDesk data. It high since the topped $5,200 at $5,229 and the low has been$4,963. At 11:55 Central Daylight Time the price was $5,186 up $168 from its close or about 3.4 percent. Many other cryptocurrencies are also advancing. The present price of BTC and other main coins can be found here.
