Bitcoin price increased by one third within one month. Perhaps so-called “Bitcoin whales” have even acted concertedly to push up the price.

According to a Wall Street analyst and cryptocurrency expert Tom Lee, Bitcoin has returned to the bull market. Lee also implies a renewed rise to $14,000. However, according to Lee, that would be the “fair value” of the still largest capitalized cryptocurrency of the world.

In the past few weeks, Bitcoin has actually taken a massive leap. At the end of March, Bitcoin stood at $3,900 and is currently trading at $4,496. A few days ago BTC reached the ATH for the year 2019 at $5578.



The Bitcoin Dollar since early 2019 (chart: cash.ch).

Bitcoin is thus not worth more than last November, and still much less than a year ago, when the price briefly crossed the $10,000 mark. But in the crypto world, optimism flares up quickly when a price rises again.

The fact that the Bitcoin price in the beginning of April exceeded the mark of $4200 is seen as important technical signal. This mark is seen as a turning point in the market:

“Bitcoin has found its way into chart technology,” says Adrian Gut, senior trader at Crypto Broker in Zurich.

The fact that Bitcoin crossed $4200 on April 2 was a signal. “After the market has been in bear mode since early 2018, many investors are seeing a bull market again,” he added.

“Golden Cross” inspires fantasies

Observers emphasize that the price has been able to consolidate at its higher level in recent weeks. Bitcoin expert Lee attributes this to the fact that large-scale Crypto investors have returned to the market. According to market rumors, the so-called “Bitcoin whales” had even acted concertedly to push up the price.

However, volatility at Bitcoin remains high. How it goes on, is among the crypto-fans and experts controversial.

In the social media in turn, much has been discussed in recent days about the “Golden Cross“. It is a charting pattern where a short-term moving average breaks a long-term moving average from bottom to top. Specifically, the 50-day moving average recently outstripped the 200-day moving average.

News: Golden Cross occured – Bullish indicator! *note:default graph-not bitcoin graph*

The golden cross is a candlestick pattern formed from a crossover involving a short term moving average (in our case 50 day) breaking above its long term moving average (in our case 200 day) pic.twitter.com/Yf2i9Iynnb — Cryptomania_News (@NewsCryptomania) April 24, 2019

Using this pattern as a basis, Bitcoin is heading $6,000 and more. The Golden Cross has a psychological effect.

At the moment, the market is also heavily retail-driven, with banks now offering Bitcoin to their retail customers, who are paying particular attention to the ‘Golden Cross’ char- acterised signal, which means that money goes into Bitcoin. Before the course goes over $6000, it could also come back down.

Incidentally, Tom Lee does not want his $14,000 forecast to be understood as a price target. Last year, when Bitcoin fell from over $17,000 to $3,200, he had also come up against criticism with his very optimistic predictions. Note that the cryptocurrency is still not comparable to other asset classes: The fundamental problem of general acceptance of Bitcoin has not changed, whether the price is now at $3,000 or $5,500.

Featured image via Pixabay