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Bitcoin Bear Converts to Bull, Says 75% Chance Bottom is Done

Bitcoin Bear Converts to Bull, Says 75% Chance Bottom is Done


Bitcoin Bear Converts to Bull, Says 75% Chance Bottom is Done

With the second quarter of 2019 just barely begun, Bitcoin’s price movement has stubbornly shown signs of long-term strength and gathering momentum, converting even some of the most adamant Bitcoin bears into bulls. These are now joining the ranks of those who believe the bottom has already been met, and that Bitcoin is about to embark on a long journey upwards, without looking back.

The latest is prominent market analyst Murad Mahmudov, who, until as recently as February 2019, insisted that we would have to wait until February 2020 at the least to witness a recovery for Bitcoin prices.

However, continued growth trajectories, with increasingly strong technical and fundamental indicators for the world’s most used cryptocurrency, have resulted in renewed belief from even the critics that an unexpected Bitcoin recovery is now on the cards. This includes Mahmudov, an ex-analyst at Goldman Sachs, who has now declared that he has a new, bullish stance.

Speaking on the Understanding Bitcoin podcast with experienced trader Tone Vays, the analyst said that there was a 75% chance Bitcoin price had bottomed. He underlined two key metrics that backed up his new predictions: the 200-day moving average (200 MA) and 200-day median for Bitcoin price. He iterated:

“We tried plumbing the 200-day median and… when that median is broke, that usually signifies… either the late stages of accumulation or the early stages of the next bull cycle.”

Even Vays, who previously said that Bitcoin would still hit lows of USD 1,000, has now lowered the probability of that happening, to now only 40%, with that likelihood decreasing with every week. Willy Woo of woobull.com also said that there was a 95% chance that Bitcoin price had bottomed at USD 3,130.

 

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