• According to a leading cryptocurrency analyst, market players can take advantage of a bullish signal recently spotted on Bitcoin’s chart. 
• Despite the push and pull from bulls and bears, Bitcoin has managed to reclaim the $30,000 price level, after clearing recent losses. 

A prominent Cryptocurrency analyst has made a very bold bullish statement about the leading Cryptocurrency Bitcoin. Javed Mirza, an analyst at Canaccord Genuity Group Inc, a top independent, full-service financial services firm, made the statement in a research note sent to investors.

Bitcoin investors typically look forward to price predictions towards the end of the year, to inform them of potential entry points in the market and how to access them. In a bid to meet this demand, Javed Mirza has shared insight into what market players should expect from Bitcoin in the near term.

Mirza is convinced that a new cycle is about to begin, according to metrics from the Bitcoin charts, and long-term Bitcoin investors can take advantage of this moment and build a strong position in the Bitcoin market.

“Utilise pending near-term weakness to add exposure near important technical support at its 50-day moving averages.” The analyst wrote.

Additionally, the analyst believes that Bitcoin could record a 28% price rally that could push the asset to the $38,000 price level.

Notably, Bitcoin has successfully reclaimed its four-year moving average, and the analyst confirms this as yet another bullish signal for the asset.

“This confirms the long-term trend is now up, a strong technical positive, and is consistent with a four-year cycle taking hold in cryptocurrencies.” He further asserted.

Bitcoin manages to reclaim the $30,000 price level after consistently failing to sustain momentum

Meanwhile, Bitcoin has managed to reclaim the $30,000 price level after failing to sustain momentum repeatedly. The leading cryptocurrency has been rotating between the $30,000 and $29,000 price zones over the last weeks.

Recently, Bitcoin dropped to a low of $29,685, before crossing over the $30,000 price mark. Over the last 24 hours, Bitcoin has managed to usher in enough gains, to comfortably trade above $30,000.

At report time, our data shows that Bitcoin is now trading for $30,209. It is worth noting that the digital asset is still yet to fully escape the bears. Trading volume has dropped by 32%, while hourly and weekly losses have yet to be fully cleared.

The cryptocurrency market seems to be attempting to clear up its losses, as altcoins are also collectively attempting a comeback. Over the last 24 hours, leading altcoins like Ethereum (Ether), have cleared weekly losses, and have pivoted back into the green zone.

Market sentiments are still mixed this third quarter. While many key players are expecting Bitcoin and other altcoins to underperform or close the year at their current price levels, some are still bullish on the possibility of Bitcoin and other assets hitting new price levels before the close.

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