At long last, Bitcoin (BTC) has printed a golden cross on its one-day chart, whereas its 50-day moving average has crossed over its 200-day, signifying that bears might be finally be biting the dust. This has come as BTC has surmounted $5,600, the asset’s highest level since late 2018. While some have claimed that this cross isn’t anything to really write home about, others are convinced the cryptocurrency market is poised to head higher.
In a recent interview with trade publication CCN, Naeem Aslam, the Chief Market Analyst at ThinkMarkets, remarked that BTC may be poised to head higher. The analysts, who frequents industry media outlets, remarked that “technicals are fully supportive” of bulls, meaning that Bitcoin could see $6,000 “or even tough $6,500” in the near future. He looks to the fact that BTC has seen lower lows in this cycle, held critical support, and is looking to past a key resistance level to back this cheery call. Aslam added that with Nasdaq hinting that it is on the verge of launching Bitcoin and cryptocurrency futures, coupled with the fact that shorts are likely soon to get squeezed, he is convinced that the ongoing rally could continue.