Bitcoin Investors Welcome Relief Rally, Analysts Foresee $36-$40k Soon

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Once again, the movie Silence Of The Lambs offers a perfect quote for what’s happening with Bitcoin these past few days. During a tense conversation between Clarice Starling (played by Jodie Foster) and Hannibal Lecter (played by Anthony Hopkins) with the former trying to figure out the whereabouts of a serial killer, the latter states in response: all good things to those who wait.

A long wait was also what has been in store for Bitcoin investors. After nine (some say eight) consecutive red weekly closes, a first in the history of the world’s biggest crypto coin, we are looking perhaps at a small relief rally, which was widely welcomed by the cryptosphere.

At the time of writing, Bitcoin trades at $31,600.

Looking towards $36,000

Market analyst Tony Sycamore from City Index explained in the Australian media Tuesday morning that we’re seeing:

Digital sunshine breaking through the gloom of May’s crypto winter.

Technically, we remain cautiously short-term bullish Bitcoin looking towards $36,000, possibly $40,000, providing Bitcoin remains above the recent $25,400 low.

Speaking to Bloomberg however, Joel Kruger, a strategist at crypto exchange LMAX Digital, warned that the price rally is:

Happening in very thin trading conditions over a weekend and into a US holiday. So price action needs to be taken with a grain of salt.

Marcus Sotiriou, analyst at digital asset broker GlobalBlock, meanwhile believed the Fed could once again be responsible, saying:

Bitcoin broke above $30,000, but it needs to hold the $29,300 level on a retest to suggest continuation to the upside.

Relief has been long overdue in the crypto market, as the US stock market already rallied last week, after Jerome Powell’s speech that gave the market clarity on their plans to carry out a soft economic landing.

In any case, let’s enjoy it while it lasts.