Bitcoin Is Getting Out Of The Bear Trap, What’s The Forecast Like?

Since the bull market started in 2017, the bitcoin price recorded two green monthly movements which suggest that the number one cryptocurrency is trying to get out of the bear trap and in today’s bitcoin news we see what the possible scenarios are for the near future.

The analysis shows that a green line is forming usually when an asset climbs a little higher than its opening price and that if the green line closes at the end of the month in the green zone, this shows a stable upside price movement.

For February, the monthly trend line of Bitcoin started at $3,434 and finished at $3,823 which is an 11 percent increase. The monthly trend line for March started at $3,823 and closed yesterday at $3,942 which shows a three percent increase in price.

If bitcoin manages to stay above the $4,000 price level by the end of April, analysts predict that this could happen due to the positive market sentiment and that it will even record three consecutive green trend lines which could kick out the bear trend from being stuck to Bitcoin. A technical analyst regarding the BTC charts stated:

 “The monthly chart paints such a simple yet telling picture. I think we can agree this looks like any other bearish support/resistance flip. With that said, it’ll be pretty significant if we do clear the $4,300-$4,400 level. plenty of free space above.”

Bitcoin has struggled while testing the $4,000 level over the past three months and each time it ended dropping by 3 percent. The difference now, however, is that the price movement recently is continuously surging against the US dollar which shows that investors are looking into high-risk investment and trades. Another trader pointed out:

 “Selloff getting immediately bought up sis very bullish, we’ll be testing $4,300 in no time.’’

Over the past week, experts believe that the bear market has come to an end thus Bitcoin will be soon breaking out of its exhausting bear trend that lasted 16 months. Indicators show that the crypto market regained its momentum and that alternative cryptocurrencies recovery is the reason behind it.

If the market makes a strong performance in the following months, cryptocurrencies could achieve a strong accumulation phase and even prepare for a new rally.