Bitcoin Price Hints Possible Reversal with Emergence of Bullish Hammer
Summary:
Bitcoin trading experts have observed a "bullish hammer" on the weekly price chart, indicating a potential reversal of the recent price dip. Market intelligence firm Glassnode’s founders predicted a possible surge, and this observation is supported by other cryptocurrency traders. These predictions are optimistic, anticipating Bitcoin to exceed its current all-time high. However, a confirmation of this trend in the next chart cycle, ending May 12, is awaited.
Cryptocurrency enthusiasts are predicting the end of Bitcoin's (BTC) recent slippage, citing a hopeful indicator referred to as a "bullish hammer" in the digital coin's weekly price trend. Based on their analysis, market knowledge company Glassnode's founders, Jan Happel and Yana Allemann, hinted in a May 9 public post that an upward surge could be on the horizon for Bitcoin. They highlighted the creation of a bullish hammer on the May 5 Bitcoin pricing chart, a feature marked by a small top body with a slender lower line, or "wick". There's a chance, as crypto trader Mister Crypto underlined, that this might indicate a trend switch, following the price depression observed within a seven-day span. Despite this downturn, the bullish hammer's close proximity to opening levels denotes an optimistic consumer appetite. Retreats, as Negentropic indicated, are customary, with pushbacks averaging 50% to 61.8% of the preceding aggressive action. Echoing this sentiment, anonymous cryptocurrency trader Rekt Capital related how long negative wicks historically signal the end of downturns exceeding 20% for Bitcoin "over the last one and a half years," citing a May 9 public statement. As of the week ending May 5, Bitcoin's concluding price stood at $64,109, according to CoinMarketCap statistics. A 20% bump from this scale would topple Bitcoin's current record, potentially taking it to $76,822. As it stands, the price of Bitcoin is $62,830. Over the past month, Bitcoin's pricing has slumped by 8.93%. Despite this, crypto trader Mags views the expected peak to fall short, predicting instead a topmost range of $72,000, in a May 9 address to his 73,300 followers. However, it must be noted that although this solo candlestick pattern has been interpreted as a bullish symbol for investors, a confirmation of this direction change with the subsequent candlestick is eagerly awaited. Hence, all eyes will be on the closing position of Bitcoin's chart for the week ending May 12. As always, investment choices pose a risk, and independent research is encouraged.
Published At
5/10/2024 4:44:17 AM
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