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May 22, 2019

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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Related Ticker: BTC.X

BTC.X's RSI Oscillator recovers from overbought zone

The 10-day RSI Indicator for BTC.X moved out of overbought territory on March 15, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 59 instances where the indicator moved out of the overbought zone. In of the 59 cases the stock moved lower in the days that followed. This puts the odds of a move down at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 6 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

The Moving Average Convergence Divergence Histogram (MACD) for BTC.X turned negative on March 16, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 58 similar instances when the indicator turned negative. In of the 58 cases the stock turned lower in the days that followed. This puts the odds of success at .

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 .

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on March 25, 2024. 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 .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 443 cases, the price rose further within the following month. The odds of a continued upward trend are .

BTC.X may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.

The Aroon Indicator entered an Uptrend today. In of 434 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Market Cap

The average market capitalization across the group is 1.37T. The market cap for tickers in the group ranges from 1.37T to 1.37T. BTC.X holds the highest valuation in this group at 1.37T. The lowest valued company is BTC.X at 1.37T.

High and low price notable news

The average weekly price growth across all stocks in the group was -0%. For the same group, the average monthly price growth was 12%, and the average quarterly price growth was 151%. BTC.X experienced the highest price growth at -0%, while BTC.X experienced the biggest fall at -0%.

Volume

The average weekly volume growth across all stocks in the group was -18%. For the same stocks of the group, the average monthly volume growth was 46% and the average quarterly volume growth was 213%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
View a ticker or compare two or three
BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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