- BTC/USD is growing steadily, long-term trend line in focus.
- Mati Greenspan form eToro expects a strong rally.
Bitcoin settled above $7,700 during early Asian hours, off Monday’s high registered at $7,809. The digital con No. 1 is trading with bullish bias, instigating optimistic forecasts from cryptocurrency analysts all over the world. Bitcoin is going to have its first green month since February with over 2.5% of gains – something to write home about.
“We might just be on the cusp of the largest bitcoin bull run in history,” the senior analyst at eToro Mati Greenspan wrote in his Twitter account.
Further in the comments he explained that that currently the rally is no different from the correction in April and February, but if the massive rally realizes all previous growth attempts would pale in comparison.
” So far it’s not. However, if we do see a massive surge over the next year, all three of these months will be flat on the chart.”
Bitcoin’s technical picture
From the long-term perspective, BTC/USD is creeping towards the sloping trend line from May 5 peak reached at $11,645. Currently it is registered at $7,880. A sustainable movement higher will signal that the bearish trend is over and bulls are about to get the situation under control. On the downside, the critical support comes at $7,300, followed by psychological $7,000. If it is broken the technical picture will worsen significantly.
Share
