Bitcoin ready for fresh bull cycle
04 Sep 2019
The price of Bitcoin was testing support at $10,500 on Wednesday after its latest upwards move started to steady.
According to data from Coin360, BTC/USD was coming off local highs of about $10,750 to float around $10,520 on Wednesday, up close to 10% compared to the start of the week.
The markets had a warm reaction to the new gains, reversing past bearish sentiment.
As it stands, analysts believe the climate is right for further major gains.
As per a Coin Telegraph report, PlanB, a Twitter account well-known for its analysis of Bitcoin’s stock-to-flow ratio, said current conditions showed the start of a fresh bull market, tweeting: “#bitcoin: clear for take off”.
In addition, another popular trader, Filb Filb was in agreement: “The 20 WMA (also the middle of the weekly Bollinger Bands) has proven to be important in Bitcoin’s cycles; supporting price in a bull market and suppressing price in a bear market,” he explained in his latest newsletter.
Filb added: “My overall market assumption is that we are in the early phase of the next Bitcoin cycle.”
The majority of tokens in the top 20 cryptocurrencies by market cap were completely flat, moving under 1% up or down.
The largest altcoin Ethereum declined by 0.35% to stay at $177. Others including Bitcoin Cash, Litecoin and NEO presented modest gains.
deVere CEO and founder, Nigel Green recently stated: “Should Bitcoin experience a new run, we can expect it to deliver a boost to the wider crypto market, with other leading cryptocurrencies such as Ethereum, XRP and Litecoin, rallying too.”