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Bitcoin Price Analysis: Next Wave of BTC Bulls Could Drive Prices to $6,000

Bitcoin Price Analysis: Next Wave of BTC Bulls Could Drive Prices to $6,000
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It is the opinion of Hester Peirce, a SEC commissioner, that is sparking debate convincing many that an elusive crypto bull run is on the offing after an extended dump down that saw prices of mainstream digital assets like BTC register double digit losses throughout 2018.
Read: Bitcoin ETF: SEC’s CryptoMom Peirce Has More Good News For Crypto
From her remarks at the University of Missouri School of Law during the Protecting the Public While Fostering Innovation and Entrepreneurship: First Principles for Optimal Regulation , it appears as if her stand on some types of tokens is clear.
From what we can glean, Hester is of the opinion that tokens off functional platforms are utility tokens and shouldn’t be classified as securities and placed under the SEC radar. She also appears to be pushing hard towards the final approval of a Bitcoin ETF which as we know will lead to an influx of institutional money and regulation from the commission.
“Once “a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosure becomes less meaningful” and offers and sales of tokens are no longer subject to the securities laws.”
She goes on adding:
“The SEC’s attitude toward innovation is important because we regulate an industry that is a key gatekeeper for progress and productivity in the rest of the economy. The agency’s opportunity to rethink its approach to innovation also arises out of a decade of technological development related to blockchain and cryptocurrencies.”
Also Read: Bakkt Is ICE’s Bitcoin (BTC) ‘Moonshot’ Bet, And That’s Ok
Her positive comments are a few days after Robert J Jackson Jnr, another SEC official said the commission will eventually approve Bitcoin ETF whom Jay Clayton is wary that the unregulated nature and lack of proper monitoring tools needed to abet and completely stamp out manipulation is lacking.
BTC/USD Price Analysis

The market is vibrant and after Feb 8 surges when BTC added 8.4 percent by close, there is an across the board renewal. All the same—and as expected after such rallies, BTC prices are contracting gifting savvy traders another opportunity to load on pull backs. Moving on, we shall retain a bullish outlook. However, it is after prices surge past important resistance levels—at $3,800 and later $4,500, is when both set of buyers can buy on dips with targets first at $4,500 and later $5,800–$6,000 resistance levels.
For a better perspective of BTC/USD price action, let’s consider the weekly chart:

Trend and Candlestick Formation: Bullish, Double bar Bullish Reversal Pattern
From the chart, BTC is technically bearish trading within a bear breakout pattern set in motion by mid-Nov hash rate war triggered meltdown. Regardless, there is a resurgence but BTC bulls must first clear the $3,800 mark while simultaneously confirming bulls of week ending Dec 23 high. Break and close above Dec highs at $4,500 would catalyze bulls and in another bull breakout pattern lead to the second stage of a classic breakout pattern—the retest—whose targets will be $5,800–$6,000 breakout levels.
Volumes: Bearish, Low
As mentioned above, BTC is trading within a bearish breakout pattern and marking these sellers are climactic volumes of week ending Nov 25. Volumes are huge—434k versus 138k. Week ending Dec 23 bull bar volumes stand at 273k versus 197k and as we can see, subsequent bars are oscillating within week ending Dec 23 high low with low volumes. For our bullish stance to be valid, there must be a wide range breakout bar driving prices above $3,800 and $4,500 complete with high volumes—exceeding 145k averages and 273k of late Dec bull bar.
All charts courtesy of Trading View—BitFinex
This is not Investment Advice. Do your Research.
The post Bitcoin Price Analysis: Next Wave of BTC Bulls Could Drive Prices to $6,000 appeared first on Ethereum World News .

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