2019-4-10 03:01 |
The recent Bitcoin rally through months-long resistance at $4,200 has re-ignited the crypto market’s bullish fervor. After nearly a year and a half of bear market, a potential bottom may be in and it’s causing bulls to become more confident that the worst is behind us and a new bull run is close to starting.
One crypto analyst that’s recently gained a lot of attention in the cryptosphere, is now claiming that all of the top cryptocurrencies are currently behind held back by Bitcoin’s current resistance level, and that once it breaks, a new bull run will begin.
Analyst: Bitcoin Bull Run Begins After Break of $5,260Ethereum trader and crypto analyst ScienceGuy9489 has recently made waves in the crypto space after emerging from a long slumber that pre-dates the peak of the last bull run and sharing some charts that predict not only target prices, but break out dates for Bitcoin, Ethereum, Ripple, and Litecoin.
The bullish calls were almost immediately validated when Bitcoin price rose nearly $1,000 in an hour – more than the previous two months of price growth combined.
Related Reading | Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally
Since then, the analyst has become a bit of a crypto celebrity, sharing a number of charts and predictions on where the market will go next.
#BTC breaking out above $5,260 will cause another bull run. #ETH, #LTC, #XRP, #XLM, and other #cryptocurrencies are being held back by this. Expect big gains there when this #Bitcoin resistance is broken (and sustained). This is the weekly chart, a good long term indicator. pic.twitter.com/KkjzXgjDPu
— ScienceGuy9489 (@ScienceGuy9489) April 9, 2019
In his latest tweet, the crypto analyst claims that a breakout above $5,260 in Bitcoin price charts, will “cause another bull run.” He further suggests that Ethereum, Litecoin, Ripple, and Stellar – other major cryptocurrencies in the top ten by market cap – are being held back by the critical resistance level.
If the resistance is broken, he says to “expect big gains” if the rally is sustained. If Bitcoin is unable to break through $5,260 and maintain its gains, then he recommends selling the resistance until it is eventually broken.
Side Note: If it fails to surpass $5,260, it would not be a bad idea to sell until this level is broken.
— ScienceGuy9489 (@ScienceGuy9489) April 9, 2019
Trader Sets Lofty Price Targets For Top CryptosScienceGuy9489’s previous predictions came with oddly specific breakout dates. The dates haven’t yet been reached, but all of the proposed breakouts of downtrend lines have occurred.
Due to the fact this trader appeared after well over a year of silence, only to appear and share charts that immediately played out, he’s being given additional credence for his predictions by the crypto community at large. However, the one piece of the puzzle that’s left investors scratching their heads: the price targets that beat each cryptocurrency’s previous all-time high.
Related Reading | Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
That’s right, the trader is predicting Bitcoin to reach $28,100, Ethereum to hit $2,090, Litecoin to reach $650, and Ripple to skyrocket to $4 per XRP. There’s no date as to when each target may be reached, but if he’s right about a bull run resuming with a break of $5,260, then these prices may soon become a reality.
The post Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run appeared first on NewsBTC.
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