The $4,200 resistance level, which bitcoin has struggled to break out of for more than four months, was broken cleanly for the first time on early Tuesday morning, which led most technical indicators to turn and allow the dominant cryptocurrency to surge substantially.
IS THE BITCOIN BEAR TREND OVER?
Earlier this week, economist and global markets analyst Alex Krüger said that a price movement of bitcoin above the $4,200 level will mark the end of the bear trend beginning January 2018, lasting 16 months.
“This is not a call. Not a matter of aging well or not. A break above $4,200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend,” he said.
The momentum of bitcoin from breaching the crucial $4,200 resistance level immediately led BTC to break out of $4,300, $4,400, $4,500, $4,800 and to $5,000, which many analysts predict could go to as high as $5,500 in the upcoming days.
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