Crypto Trading Volumes Surpass 2018 Levels, Experts Are Waiting For Bitcoin (BTC) To Rise In Value

Following a downward spiral at the beginning of 2019, the crypto market settled and cleared the volatility issues from past months. Bitcoin managed to free itself from the bear market and settle around $4,000, with continually growing trading volumes.

Data shows over $30 billion have been traded in various exchanges in the past 24 hours, as opposed to the $10 billion lows from December 2018. All of the data is indicating the possibility of an upward rally.

Some of Bitcoin’s top analysts stated that trading volumes for BTC are the highest since the end of 2017. At the end of 2017 and the beginning of 2018 Bitcoin also marked its all-time high, surpassing $19,000. Trading volumes, however, remained rather low, thus bursting the crypto balloon.

Other crypto experts are also expecting a bounce in cryptocurrencies’ prices due to the higher trading volumes. The rally, however, may give Bitcoin weak foundation and its price may surge to sub-$2,000 if the rally doesn’t manage to get active support zones.

Mati Greenspan, eToro’s in-house trader, noted that the higher the trading volumes – the higher the chance of crypto upward movement. The higher market activity is also beneficial for the altcoin community, giving them the much-needed momentum for a gaining streak.

Another crypto watchdog, Filb Filb, also shared his thoughts on how the trading volumes may affect Bitcoin and the Altcoin family positively. In a Twitter post, Filb explained the awaited gains with more traditional trading terms – the 12-hour Moving Average Convergence Divergence (MACD) and the Chaikin Money Flow (CMF). The MACD is now well over the zero levels, and Chaikin’s Money Flow indicated strong buying pressure, which could result in even greater trading volumes and increased crypto prices. Filb also noted that a $5,000 price for Bitcoin is achievable under the current circumstances.

The watchdog made another valuable point – Bitcoin is beginning to test a “14-month resistance” which could result in higher support zones and higher price.