Analysts Bullish on Bitcoin Despite Recent Stability

The flagship cryptocurrency Bitcoin (BTC) has stabilized over the past few days. However, several analysts could not predict the currency’s performance over the next period.

Renowned trader Haejin considered BTC’s sudden decline at $9,200 as a “mega rejection”, in light of the fact that the cryptocurrency experienced a bearish retest of the 200-day moving average, and failed to break through the macro resistance.  

If the cryptocurrency exactly follows 2018’s trend, it will plunge to $6,000s, Haejin said, expecting the BTC to continue its downtrend, hitting $3,300 in April or March, impacted by the upcoming halving.

Meanwhile, analyst Filb Filb has recently stated that he is optimistic about the BTC’s movement. “Overall, Bitcoin is exactly where [I] anticipated; slowly grinding up towards previous resistance… I’m very much of the opinion that Bitcoin will reach to at least $12,500 level before the halving.”

Analyst Financial Survivalism was more bullish, expecting the BTC to reach $20,000 in early July, citing strong technical factors and the imminent halving.

In a recent report, Falcon Financial Services has maintained its medium-to-long term for the cryptocurrency market, expecting the overall market cap to remain above the $180-200 billion level.

It has stated that one of the main assumptions for a bullish price development was the crypto adoption from institutional investors. However, it seems that this never materialized.

The halving, which is expected to take place in May this year, could change the price of Bitcoin forever. This event has already taken place twice before.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.