Bringing you live news and features since 2006 

Jon Cotton, BCB

Recent Bitcoin rally may signal start of sustained growth, says BCB


As Bitcoin continues its recent rally, Jon Cotton (pictured), Head Strategist at global cryptocurrency prime brokerage BCB Group, has commented on why this latest move may point to a sustained move upwards for the currency in the medium-term.

“As trading volumes increase to sizeable levels and Bitcoin breaches our previously noted important resistance level of USD7740, according to our analysis the recent rally has put the currency back above an uptrend dating back to November. Bitcoin has also broken over its 50-day moving average for the first time since April, and finally broken north of the downtrend from the December high. In our view, this is one of the most promising moves we have seen for the currency since the December top.
 “We’re not out of the woods yet though: in terms of Relative Strength Index (a momentum indicator that measures the magnitude of recent price changes), we have moved to overbought levels, which implies that a short-term ‘top’ is imminent during this rally.”
Cotton also notes that other cryptocurrencies are building to a possible breakout. “Ethereum, Litecoin and Ripple XRP’s recent moves, in terms of our proprietary analysis, are all at the apexes of triangle formations – these reduced trading ranges may portend large moves. In our view, should BTC’s rally hold above USD7700, bulls may make a new attempt on the all-important 200 day moving averages just above on each of these currencies.
“Until that point, whilst we remain in bear market territory formally, Bitcoin’s recent moves may signify the early stages of a transition from bear phase to sideways/bullish, albeit with battles ahead.”

Latest News

Figment Europe, a provider of institutional staking infrastructure, writes that it is solidifying its presence in the heart of Europe’s..
Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..

Related Articles

Jigna Gibb, Bloomberg
Bloomberg Indices has recently hired Jigna Gibb as Head of Commodities and Crypto Index Products, to lead its commodities and...
Robert Minter, director of ETF investment strategy at abrdn takes a look at passive investing in commodities and shares his...
Ryan McCormack, Invesco
This year sees the 25th anniversary of Invesco’s QQQ, the USD240 billion ETF – the fifth largest ETF in the...
The European ETF market achieved a record 28 per cent growth – reaching over USD1.8 trillion assets under management (AUM)...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by