Is Bitcoin Set for Another Bull Run in 2019?
The mainstream hype surrounding cryptocurrency has cooled, but reports of its demise appear to have been greatly exaggerated. After a difficult 2018, including substantial drops in value in November of that year, bitcoin has rebounded well in 2019, and while the inherent volatility of crypto is always in play, Bloomberg reported in early May that market researchers Fundstrat Global Advisors suggest investors should buy more – especially with a pullback looming.
Robert Sluymer, a technical strategist at Fundstrat, advised investors on May 2 to “use pending pullbacks to continue accumulating Bitcoin in the second quarter in anticipation of a second-half rally through ~6,000 resistance.” Sluymer characterized bitcoin’s recent trajectory as “the early stage of a longer-term recovery developing,” evidenced by a “breakout from its first-quarter trading range” and “rebound from its 200-week moving average,” said the Bloomberg report.
Bitcoin has had a good May so far, reaching as high as $8,300 on May 16. A segment of analysts believe strong performance will continue into 2020, potentially reaching a new all-time high of $20,000-plus, Fundstrat’s Tom Lee told CNBC. Lee and Fundstrat believe a variety of factors are responsible (and continue to bode well) for bitcoin’s long-term prospects, including political and economic upheaval in Venezuela and Turkey leading to increased adoption, bitcoin closing above its 200-day moving average in April, a golden cross of the 50-day and 200-day moving averages, and consensus “among ‘original’ bitcoin bulls that the bottom has been put in.”
If Lee is to be believed, bitcoin is in the midst of an ongoing growth and stabilization process. “I think you’re seeing signs that fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto holders,” Lee told CNBC. A recent MarketWatch report seemed to echo this opinion – while Google searches for bitcoin lagged behind their late 2017 levels, experts believe that this has more to do with bitcoin being a better-known quantity than at that time. “The recent bout of strength is not retail driven,” said Jeff Dorman, chief investment officer at crypto-focused asset management firm Arca. “There’s some big family offices, direct buying in the OTC [over-the-counter] markets and the hedge-fund space. They are certainly not Googling bitcoin.”
Bitcoin has proven its volatile nature time and time again, which means taking its recent growth with a grain of salt. But bitcoin has also shown itself to be resilient – with increasingly strong fundamentals and positive market behavior, the “bullish longer-term technical profile [that is] developing” portends for additional gains in 2019 and beyond.
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BTC.X in +3.07% Uptrend, advancing for three consecutive days on September 28, 2023
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where BTC.X advanced for three days, in of 433 cases, the price rose further within the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 01, 2023. You may want to consider a long position or call options on BTC.X as a result. In of 133 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for BTC.X just turned positive on August 29, 2023. Looking at past instances where BTC.X's MACD turned positive, the stock continued to rise in of 59 cases over the following month. The odds of a continued upward trend are .
BTC.X moved above its 50-day moving average on September 28, 2023 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for BTC.X crossed bullishly above the 50-day moving average on October 01, 2023. This indicates that the trend has shifted higher and could be considered a buy signal. In of 19 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Bearish Trend Analysis
The 10-day RSI Indicator for BTC.X moved out of overbought territory on October 02, 2023. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 60 similar instances where the indicator moved out of overbought territory. In of the 60 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Stochastic Oscillator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.
The 50-day moving average for BTC.X moved below the 200-day moving average on September 12, 2023. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
BTC.X broke above its upper Bollinger Band on October 01, 2023. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for BTC.X entered a downward trend on September 18, 2023. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
| 1 Day | |||
|---|---|---|---|
| CRYPTO / NAME | Price $ | Chg $ | Chg % |
| MBL.X | 0.003125 | 0.000049 | +1.58% |
| MovieBloc cryptocurrency | |||
| ALPINE.X | 1.785890 | 0.011274 | +0.64% |
| Alpine F1 Team Fan Token cryptocurrency | |||
| DGB.X | 0.006371 | -0.000181 | -2.76% |
| DigiByte cryptocurrency | |||
| AR.X | 4.275750 | -0.162604 | -3.66% |
| Arweave cryptocurrency | |||
| ETH.X | 1663.627600 | -70.182860 | -4.05% |
| Ethereum cryptocurrency | |||
BTC.X and
Correlation & Price change
A.I.dvisor indicates that over the last year, BTC.X has been closely correlated with BTCUP.X. These tickers have moved in lockstep 100% of the time. This A.I.-generated data suggests there is a high statistical probability that if BTC.X jumps, then BTCUP.X could also see price increases.
| Ticker / NAME | Correlation To BTC.X | 1D Price Change % | ||
|---|---|---|---|---|
| BTC.X | 100% | -1.62% | ||
| BTCUP.X - BTC.X | 100% Closely correlated | -3.10% | ||
| ETH.X - BTC.X | 87% Closely correlated | -4.05% | ||
| ETHUP.X - BTC.X | 87% Closely correlated | -10.75% | ||
| GNO.X - BTC.X | 79% Closely correlated | -3.61% | ||
| BAL.X - BTC.X | 79% Closely correlated | -4.14% | ||
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