A number of crypto analysts who have been staunchly bearish for months are starting to change their tune.
Civic CEO Vinny Lingham says he’s now bullish. Meanwhile, crypto analyst Willy Woo is also flipping, saying “bull season is now at 99%.”
What part of – "I'm bullish on Bitcoin if it breaks and holds $6200 for 24-48 hours" is ambiguous? Yes, I'm now bullish on Bitcoin. Do I think we hit $20k in the next month? Absolutely not, but, anything is possible…
— Vinny Lingham (@VinnyLingham) May 13, 2019
In BTC's 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.
Bull season is now 99%. pic.twitter.com/g433INi4pA
— Willy Woo (@woonomic) May 14, 2019
Analyst Josh Rager says if past bull runs are prologue, BTC is on its way to a potential high of $78,500.
Bitcoin Rate of Return Each Market Cycle
(Each cycle had a 20% return of the previous cycle)
2011: Return of 318,864% = $31.90 High
2014: Return of 58,474% = $1,177.19 High
2017: Return of 11,960% = $19,764.51 High
2022: Potential Return of 2,392% = $78,500.00 Potential High pic.twitter.com/7KP439cpZE
— Josh Rager 📈 (@Josh_Rager) May 14, 2019
Fundstrat co-founder and head of research Tom Lee says he believes new all-time highs are likely by 2020. Morgan Creek Digital’s Anthony Pompliano says Bitcoin is posed to surge 20-50x over the next five years.
And according to The Rhythm Trader, Bitcoin adoption is light years ahead of its pace during the last bull run.
But not everyone is transforming into a Bitcoin and crypto permabull.
In the short term, crypto analyst Nicholas Merten, aka DataDash, expects Bitcoin to retreat to at least one lower level in the months ahead.
Shark Tank investor Kevin O’Leary says he still believes crypto is crap. And economist Nouriel Roubini is hailing a theory that crypto exchange Bitfinex is behind a renewed BTC pump using the controversial stablecoin Tether.
Important article by @prestonjbyrne suggesting what may be behind the latest BTC bubble. Most likely Bitfinex leading another manipulative pumping of BTC via new Tether issuance https://t.co/HPUzw05VJk
— Nouriel Roubini (@Nouriel) May 12, 2019
Right now, XRP is in the midst of a moonshot, leading an overall crypto rally.
XRP is up 21.72% at $0.3987, according to Coin360. Bitcoin is up 2.66% at $8,001, and Ethereum is up 3.91% at $207.91.
Technical analysts are gauging whether Bitcoin has the strength to stay above $8K, with mixed short-term outlooks on altcoins.