- Bitcoin surpasses $3,900 resistance level and hits $4,040 over 24 hours on 17 March.
- Bitcoin’s price then declined below $4,000 and corrected around $4,020.
- The bullish pattern is still continuing to date, thus forming a new resistance price level at $4,040.
- A new support price is formed, hovering above $3,950.
Last two weeks, Bitcoin finally breaks $4,000 and shifting the price resistance level from $3,900 to $4,040. This short-term bullish outlook looks promising and catching great attention.
This $4,000 breakthrough makes the headlines as the price rally is quite unexpected. In early 2019, a number of factors suggested Bitcoin price slump would last longer than any bear markets in the past due to Bitcoin’s inherent problems such as market maturation and saturation, competition and supply issues. 2019 has been described as a crypto winter and a lengthy period is expected to correct Bitcoin price before Bitcoin could regain its momentum.
Though the crypto sentiment is probably the major driving force behind the price rally, Bitcoin’s prices and volume shifting could be partially attributed to increased Bitcoin usage, adoption and awareness. A number of indicators such as the growing of Bitcoin transactions and wallet address suggest that Bitcoin’s rate of adoption has been increasing steadily over the first quarter of 2019 despite the price dip.
Will Bitcoin Hit $5,000 by May?
The continuous upward trend suggests a good sign of the price rally. It can be seen that Bitcoin keeps stretching its resistance level on several attempts in a small magnitude yet at a decent rate. The bullish pattern of Bitcoin appears to be a calf and trading within a tight range might suggest the price might rise but not in a big magnitude. It is still early to predict if Bitcoin will hit $5,000 by May. Few attempts would be needed in order to test Bitcoin’s momentum while breaking through $4,040 resistance level.
Is Market Shifting?
2019 is known as crypto winter with a bearish market. However, the crypto sentiment outlook is still wildly positive. The crypto sentiment suggests the so-called crypto winter is more of a typical correction that will endure. Even though the overall outlook looks promising, the bullish momentum has to be continued for weeks in order to shift the entire market upward as Bitcoin’s outlook as per the daily chart shows the market would be stagnant if Bitcoin does not break key resistance at $4,040.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Tokenize Xchange. The opinion formed is designed to be an informational tool and reference only, and when used alone, do not constitute investment advice. Every investment and trading move involves risk, you should conduct your own research when making a decision.