{"id":409003,"date":"2020-12-28T02:00:15","date_gmt":"2020-12-28T02:00:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=409003"},"modified":"2025-06-11T13:35:52","modified_gmt":"2025-06-11T13:35:52","slug":"bitcoin-poised-retest-5000-return-bull-analysts-think-so","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-poised-retest-5000-return-bull-analysts-think-so\/","title":{"rendered":"Bitcoin Poised to Retest $5,000 Before Return to Bull; Here’s Why Analysts Think So"},"content":{"rendered":"
Earlier this month, the one-week Bitcoin<\/a>\u00a0chart printed an extremely bullish sign: the golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. (As an aside, a golden cross is when a short-term moving average crosses over a long-term one to imply bulls have control.)<\/p>\n While this is a decidedly bullish sign in the long term, with this\u00a0signal preceding the 1,000%+ rally<\/a> seen between 2016 and the end of 2017, a number of leading analysts have remarked that Bitcoin is still susceptible to one final downturn before an eventual return to the macro uptrend.<\/p>\n Former Wall Street trader turned Bitcoin analyst Tone Vays recently sat down with BlockTV<\/a>, an industry media outlet, to talk his price outlook for the cryptocurrency market heading into 2020.<\/p>\n While Vays has started to show signs of optimism, he remarked that he still expects for BTC to see the “next low to come in [during] the first quarter of 2020.” As to where this low in the cryptocurrency market will come in, the long-time cryptocurrency trader looked to the $5,000s, claiming that there’s a high probability Bitcoin will enter that range to put in a fresh low.<\/p>\n (While the trader is currently short-term bearish, he remarked in another interview with BlockTV that he thinks Bitcoin could hit $50,000 by 2023.)<\/p>\n https:\/\/twitter.com\/BLOCKTVnews\/status\/84106241<\/p>\n It isn’t only Vays that is eyeing the $5,000s as a potential final bottom for Bitcoin before a return to a bull phase.<\/p>\n CryptoBirb, a strong proponent of the positive effects the aforementioned golden cross will have,\u00a0recently noted<\/a>\u00a0that Bitcoin still has the potential to see one final dump to $5,400-$5,600<\/a> \u2014 23% lower than the current price of $7,150. This coincides with the long-term 0.786 Fibonacci Retracement level.<\/p>\n This was echoed nearly exactly by both BitcoinEconomics<\/a> and Jacob Canfield, who recently looked to the sentiment that BTC<\/a> is likely going to see one more shakeout prior to a return to the bull trend.<\/p>\nRelated Reading:\u00a0Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So<\/a><\/h6>\n
Bitcoin Poised to Return to $5,000 Before Breakout<\/strong><\/h2>\n
Vays Isn’t Alone In Saying So<\/strong><\/h2>\n