New Bitcoin 2019 high was achieved in a period of three hours when the number one cryptocurrency managed to increase from $5,682 to $5,910 on almost all leading crypto exchanges. The altcoin news report that Bitcoin soared by more than 11 percent in the past week.
The major cryptocurrency allowed for the rest of the crypto market to add about $20 billion to its market cap after it surged on Coinbase, reaching a new 2019 high.
Considering the recent performance of the biggest cryptocurrency and how the industry experts projected, crypto researcher Willy Woo says that he is certain that the low ,000 region was the real bottom of bitcoin.
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Woo previously predicted that BTC will reach a bottom in the second quarter of 2019 according to the NVTS indicator. The indicator evaluates transaction volume data and analyses the long-term trend for BTC.
During that time in 2018, Woo said that the blockchain indicators point towards a bearish trend. A couple of days later, the bitcoin price dropped from $6,000 to $3,150. He stated:
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.’’
The analysis that Woo conducted can be attributed to his calculation of fundamental factors but also the technical factors in order to better evaluate the market. He later said that Bitcoin will likely hit a new bottom at $3,150 because of the Bitcoin Network Momentum and the technical indicators at that time as it was reported in the latest cryptocurrency news.
In the next couple of weeks, the analysts believe that Bitcoin will undergo a consolidation period and will stabilize. Some traders are waiting to see whether the dominant cryptocurrency will retest some of the supporting levels below $5,000. The increase in interest in bitcoin which led to the new 2019 high, comes after Bloomberg reported that Fidelity will launch a crypto trading service soon.
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