In the final 24 hours, the valuation of the crypto market has recovered by $4 billion while the bitcoin price rebounded from round $4,900 to $5,169, by more than 3 percent.
Both fundamental and technical indicators point toward a strong near-term cost trend of bitcoin, especially if the asset can sustain its momentum in the weeks to come.
Thomas Lee, the head of research at Fundstrat Pandemic Advisors, said:
We see fewer reasons to question the recent recovery [in] Bitcoin prices—the best quarter since 2017. While the key applied price hurdle is BTC closing above its 200D (currently ~$4,600 and falling by $15 per day), we see 2019 as positive risk/compensation.
Bitcoin Not in All-Clear Yet
The projection of the bitcoin price by Brandt and other technical analysts in the space primarily depends on the short-term interpretation of bitcoin, specifically whether the asset will be able to remain above crucial resistance levels.
But, alternative cryptocurrencies and other noteworthy crypto assets in the likes of Litecoin, Ethereum, and Binance Coin have recorded large gains in the past not too weeks, showing that the overall sentiment around the cryptocurrency sector remains positive.