Analyst: BTC Will Break Higher In The Next Move Based On Yearly Trends

The price predictions for Bitcoin (BTC) and the cryptocurrency markets are currently coming thick and fast. In the latest Bitcoin news, we are featuring a statement made by an analyst in which he says that the most dominant cryptocurrency is expected to rise again, mainly by seeing the previous 12-month trends.

The short term price action will allow day traders to take quick profits. However, most of the people eyeing the industry are interested in the long term and many analysts are looking at the 12 month trends to see any patterns which may indicate a new Bitcoin breakout and a new big movement to the upside.

BTC Can Imitate Last Year’s Bounce

Currently, Bitcoin is over $4,000 and trading at around $4,057. The $4k mark and milestone was successfully passed after four months – BTC did not manage to make a sustained break above this price zone since late November of 2018 when it fell through it in an almighty dump.

BTC has made it to $4,100 three times in four months and has fallen back pretty quickly. However, many predict a new breakout – and the good thing is that BTC did not fall below $3,000 which was another important milestone.

According to the analyst with a Twitter handle ‘fil₿fil₿’ – BTC will rally from 25% to 50% if this formula holds. Previous rallies have all been over 25% and the highest was over 50% during April 2018 when Bitcoin managed to bounce from $6,600 to more than $9,000.

$BTC long short ratio analysis Ive been looking at today.

There is a well established 12 month trend going on.

If this formula holds it implies that Bitcoin will rally 25-50%.

See chart for details.

This tweet will self destruct in 7 days. 😈 pic.twitter.com/O3nruTSqLt

— f i l ₿ f i l ₿ (@filbfilb) March 18, 2019

“This tweet will self destruct in 7 days,” the analyst noted.

Can Bitcoin (BTC) Visit The $5,000 Region: Trading Volume Says So

Since the current BTC volume is up, many are predicting the next move to be to $5,000. A similar ratio of over 25% would put BTC back to $5,000 over the coming weeks, which may echo a previous prediction using a different metric – when one analyst named Josh Rager predicted a move up to $5,000 by May 2019.

Yesterday, Rager wrote:

Have been waiting patiently for the past few weekly closes to show volume increase was a mere tease for a market turn around

Looking forward to be bullish but now just isn't the time

In fact, new research shows volume as a whole is down 80% across all exchanges since Dec '17 pic.twitter.com/AV5N1zb2QT

— Josh Rager 📈 (@Josh_Rager) March 18, 2019

The daily volume has been a strong indicator of possible reversal into bullish territory. However, recent reports of fake volumes and manipulation by exchanges brought a lot of figures into question.

Compared to the boom months of late 2017, this trend is still nothing and the trading volume is around half of what it was back then. Still, it managed to build up pretty fast and may be a strong indication that Bitcoin’s next movement will be a break higher – eventually to the $5k waters – as many expect.