Bitcoin has had its fair share of ups and downs in the last eighteen months. The recent bitcoin bull market follows what some dubbed “the crypto winter”; a prolonged period of sluggish price performance, led by the world’s leading cryptocurrency.
In recent weeks, bitcoin turned the corner, posting several strong rallies to take prices back above $5,000. At the time of writing, bitcoin was at $5,262.
The latest bitcoin bull market is showing no sign of abating. In fact, there are now some indicators suggesting a further rally could be round the corner. Some analysts have suggested that $5,800 could be within the near-term range.
CoinDesk analyst Sebastian Sinclair said there were now signs that bitcoin could be headed for its next substantial rally.
“Bitcoin has cemented a higher low and retained its bullish market structure on the daily chart after a hotly contested close on April 9. The hourly chart shows bitcoin is trending inside an ascending triangle (typically bullish by nature) with a potential measured move to $5,885. An exaggerated bullish divergence has formed on the hourly chart, providing additional weight to the likelihood of an imminent bullish breakout.”
Despite the positive indicators, bitcoin markets have been turbulent this week, with bear sentiment weighing in for a challenging close on April 9. However, prices seem to have stabilized between $5,187 and $5,287, confirming the more stable outlook supported by the charts.
Sinclair explained that both daily and hourly charts were looking promising for a new rally in BTC.
“Bitcoin has managed to fend off any further attacks from the bears during April 9’s tug-of-war trading session. The cryptocurrency is now trading in a $100 range between $5,187 and $5,287. This places its price firmly above the prior April 4 low and cementing a higher low on the daily chart.”
“The hourly chart is also looking more favorable on the new daily trading period (April 10); with bullish momentum having maintained a hold above $5,200 support over the last 24-hours despite multiple dips in its price.”
Those long on bitcoin will welcome the projections. It remains to be seen whether markets can withstand bear side pressures over the next couple of days to test the $5,800 forecast.