Analysts Paint Rosy Outlook for Crypto

Crypto analysts hold bullish outlook for the current Bitcoin fundamentals, forecasting investors to buy on dips, according to website.

Crypto analyst Scott Melker tweeted that each monthly candle had a large upper wick (blue), which reflects strong cash-ins, especially as the Bitcoin reached the $14,000 level, and then started to move down.

“The candle had equal wicks up and down. However, November and December have large lower wicks (red), indicating strong buying on dips,” he added.

Trader Jack Sparrow said he felt Bitcoin hopium, but he indicated that charts are showing contradictory signals currently.

Several analysts expect the Bitcoin to surge over its 2017 all-time high, rising from $50,000 to $1 million.

As the May 2020 and the Bitcoin halving are drawing closer, investors began to accumulate Bitcoin. They were already buying on the dip for a long time.

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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.