Josh Olszewicz, an analyst at Brave New Coin, has said that the market is showing the signs of buy opportunity for Bitcoin.
The entire world fighting is the COIVD-19 pandemic and staying indoors. But that doesn’t mean things have come to a halt in the market. The crypto market has always been a different game zone altogether. This time too, it has been following and setting trends of its own.
If we see Bitcoin’s performance over the last month, we know that things are turning positive. There is quite a lot to cheer about in the current circumstances. From being traded at around $3,700 a little over a month ago, the cryptocurrency is now at $7,200. This is almost double of what it was earlier. While it is still much less than $10,500, which was the Bitcoin price at the beginning of the year 2020, we can see how the cryptocurrency has sustained and improved.
The trend has led analysts to assess the future performance of Bitcoin. Josh Olszewicz did his part and mentioned that this recent price movement will lead to ‘once in a quarter’ buying opportunity to traders and investors.
He tweeted a video on 19th April and followed it up with a chart that showed Bitcoin’s performance each quarter from September 2018 until now. Highlighting the current position with a yellow doodle, he said that no explanation was necessary.
In the video that lasted one minute and 39 seconds long, he spoke about how Bitcoin is about to cross the Ichimoku Cloud. This is going to happen for the first time in five weeks. It could mean that the price of the digital asset could be much higher than $7,167.
Josh Olszewicz said that this doesn’t happen ‘very often’. He also said that analysis of this kind helps him make money through a simple ‘buy and hold’ policy.
We can see in the chart he shared that the cloud played a vital role and acted as resistant in the daily chart. If we go back to the year 2018, Bitcoin fell from $6,200 to $3,100 during November and December due to its failure to overcome the technical level down to the dollar in September and October.
Continuing into 2019, the trend shows bullish follow-throughs post the dip in prices. When Bitcoin moved above the cloud, it started the rally at 250% and soared from $4,000 to $14,000. A similar trend was noted this year where the move up the cloud was followed by 20% higher rally.
We can conclude that once Bitcoin crosses the cloud, the next phase for a full-blown soar would begin. While Josh Olszewicz, did not say where the price of Bitcoin would reach once it crosses the cloud, he did say that these trends are signals for buy and hold and not investment advice.
Apart from this, crypto trader, Theta Seek, said that according to his data, people have been silently accumulating Bitcoin over the past six months and that this trend would continue.
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