Bitcoin rally boosts the ‘end of dip’ forecast

18 May 2023

Bitcoin staged a snap rally on Thursday as analysts hoped additional upside moves are on the cards.

BTC/USD stood at $27,360 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.

The price had registered rapid gains toward Wednesday’s open on Wall Street, up 3.5% compared to the day’s lows.

It was reported by Cointelegraph that popular Bitcoin trader, Skew was hopeful of an upward continuation: “Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he said on Twitter.

The trader went on to say that although macro conditions were leading to friction in the price performance of the world’s largest cryptocurrency, the largest stablecoin, Tether pledging consistent Bitcoin purchases will likely be a “positive headwind.”

In addition, looking at cumulative volume delta (CVD) there was increasing momentum, providing a further signal that Bitcoin could retain its new strength. “Looking for sustained buying momentum by spot else scalp short,” Skew went on to say.

Furthermore, Bitcoin’s price uptick coincided with a rise in volume from the largest class of so-called Bitcoin whales, according to on-chain monitoring resource Material Indicators.

Meanwhile, there may be a more evident return to the upside for Bitcoin over the next month, according to trader, Credible Crypto.

“How much longer till expansion and is the bottom in? 25k’s tested, liq below us taken, bottom for this correction MIGHT be in but need to see how PA develops over the coming days. While we can’t rule out a flush lower yet, developing PA will give us some clues to work with,” he commented on Twitter.

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