Cryptocurrency analysts: market is about to make a breakthrough!

Two prominent crypto analysts claim that a reversal in the prices is approaching.

Crypto Rand, the first of the two analysts, has placed two graphs on Twitter. The graphs are a logarithmic and a linear measurement of the past 18 months of the total market capitalization of all cryptocurrencies in circulation.

According to Crypto Rand, both graphs show that the crypto market is about to make a breakthrough. His conclusion: "Output: Bullish."

Vildana Hajric, an analyst at Bloomberg, has made a similar analysis and conclusion. She investigated the Bitcoin chart using the Directional Movement Index (DMI). She also concludes that a breakthrough is imminent and that a bullish phase is coming.

Last year Bitcoin, which traded around $6,500 in November, rose to $19,500 in December. Since then, the price has dropped back to about the same value as in November 2017. Whether the same increase will happen is still the question.

Nevertheless, the market seems to be moving in the right direction again. After a year of slow adoption and strict regulations, such as the Securities and Exchange Commission (SEC), which has repeatedly reviewed and denied Bitcoin ETFs (Exchange-Traded Funds), more and more positive developments are taking place in the crypto world.

Recently, Bakkt, the new cryptocurrency exchange of the New York Stock Exchange (NYSE), announced that Bitcoin futures will soon be available on the platform. It is expected that this development will bring institutional investors to the market.

There are more prominent figures in the crypto world that are bullish and expect a jump in prices soon. Michael Novogratz of Galaxy Digital expects BTC to exceed $10,000 by early 2019. Tom Lee of Fundstrat Global indicated that he expects BTC to move to $20,000 this year.