Bitcoin (BTC), the largest cryptocurrency in the world and a wide range of altcoins are entering a new bull market in the industry. According to the crypto analyst Josh Rager, Bitcoin has closed above a key level ($9,550) allowing technical traders to claim Bitcoin is now officially in a new bull trend.
Bitcoin Enters A New Bull Trend
As Mr. Rager explained on Twitter a few hours ago, Bitcoin’s trend has changed from bearish to bullish. Since June last year, Bitcoin and many other digital assets have been in a bear trend. Indeed, Bitcoin moved from $13,750 to under $6,500 for a short period of time a few months ago.
Nowadays, Bitcoin is moving higher and it is getting closer to $10,000. According to data provided by CoinMarketCap, Bitcoin is being traded around $9,645 and it has a market capitalization of $175 billion.
Rager said on Twitter that there are many bearish traders that do not want to see the trend has changed and that higher highs are expected to be reached in the coming days. Bitcoin has been making higher lows and higher highs for over one month.
The expert wrote about it:
“For you $BTC bears in denial, the trend has officially changed & many still don’t seem to understand that. I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows. It’s a simple concept. BTC even closed above a key level at $9550.”
For you $BTC bears in denial, the trend has officially changed & many still don't seem to understand that
I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows
It's a simple concept
BTC even closed above a key level at $9550 pic.twitter.com/FFvHaTHdTa
— Josh Rager ?? (@Josh_Rager) February 6, 2020
Many other virtual currencies have been following a similar trend, or even started to trend higher than what Bitcoin was doing. Ethereum (ETH), XRP, Bitcoin Cash (BCH), Bitcoin SV (BSV) and Litecoin (LTC) had all very good performances in the last few weeks as well.
Despite the fact that Bitcoin is growing and entering a new bull market, its dominance in the industry fell from above 70% a few months ago to just 64% now. That shows that the whole crypto market is experiencing a move upwards.
The main difference between Bitcoin and other altcoins is the fact that altcoins have lower liquidity than Bitcoin, which makes them more prone to experience massive price surges in shorter periods of time. The same can happen during bearish markets.
Now it is just a matter of time to wait and see whether Bitcoin is able to surpass its previous all-time high of $20,000.
