Analysts Flip Bullish En-Masse Predicting Bitcoin’s Price to Jump Above $7,000 BTC/USD
Just like April, March has started off on a good note as we saw Bitcoin price going from around $5,130 to $5,775 yesterday. Today, the leading cryptocurrency surged to just above $5,800.
Bitcoin (BTC) Live Price
1 BTC/USD =$58,011.7294 change ~ 4.65%
As the top cryptocurrency makes a strong upward move, analysts and experts are turning bullish en-masse.
$BTC: I am scared to bid this insanity, but…
Le long… le long… pic.twitter.com/EqgQmSBwYY
— David Puell (@kenoshaking) May 4, 2019
Majority of the market participants are turning bullish but there is one crucial level that Bitcoin needs to cross and that is $6k. It has been predicted and expected once this level is broken, we could go straight up to $7k and closer to $8k.
A break above $6,000 will trigger a large bear capitulation and a quick updraft to $7,000. #Bitcoin
— Max Keiser, tweet poet. (@maxkeiser) May 4, 2019
Michael Novogratz of Galaxy Digital is also betting on Bitcoin longs to win this rally and surge upwards.
The Longs. Stay in trend. https://t.co/w11Zuz7NjL
— Michael Novogratz (@novogratz) May 3, 2019
Crypto analyst and trader, MagicPoopCannon in his bullish scenario says in terms of potential surprise explosion to the upside, we may be breaking out of a cup and handle pattern which could see Bitcoin exploding to about $7,822 level.
As a top for this move, this raises the 61.8% retrace to just below the recent price action. Though Magic posted a bullish scenario which is a technical possibility, he is not bullish rather bearish as he says there is just way too much overhead resistance and the indicators show sell signals.
Squeeze them shorts!
I'll stay in Bitcoin as long as the Bitfinex premium doesn't grow.
As soon as it starts growing exponentially, if it does at all, I'll be out of the market.
A lot of early bears are getting punished here.
Try to avoid being one of them. pic.twitter.com/W5VjFoFdx5
— DonAlt (@CryptoDonAlt) May 3, 2019
As we recently shared the top cryptocurrency is perfectly on its way to $1 trillion market capitalization in the coming years as it follows the stock-to-flow model.
“Bitcoin approaching Stock-to-Flow model value ($6500) + RSI 52 and rising .. follow the rainbow.”
Meanwhile, economist and crypto trader, Alex Kruger shares the point when the bull market will start for sure. In his latest analysis, he shares the current level Bitcoin is trading at that is $5,750 which was the 2018 low prior to November crash from $6k to $3,200. About the 2018 bear trend, he notes how it ended once the flagship cryptocurrency was above $4,200.
We are already seeing the green effect in the market that gives the indication that bulls might be just at the door as Bitcoin market cap crosses $100 billion and the total market cap rises to $185 billion as altcoins soar in tandem with bitcoin.
As for the bull market to start officially, he says $6,400 is the point which was the most traded price of 2018, above which is the open ground for bulls to take charge of the market.
Bitcoin’s price is $58,011.73 BTC/USD exchange rate today. The real-time BTC market cap of $1.09 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $19.53 Billion and live coin value change of BTC 4.65 in the last 24 hours.