Can Bitcoin Go Beyond $7,000 BTC/USD Anytime Soon? Analysts Predict Next Bull Run Via Charts
Can Bitcoin Go Beyond $7,000? Analysts Predict Next Bull Run
As soon as Bitcoin starts to go up, everybody gets thrilled. Now, analysts are saying that the price of the token can go over $7,000 USD soon. While it is very early to affirm what will happen, it looks like the chance for the true end of the bear market is here.
At the time of this report, Bitcoin was just below $5,000 USD after passing this mark earlier. However, even with the token stopping to go up for a while, most traders are really hyped about what can happen now.
Some people are convinced that the prices will remain between the range of $5,000 and $6,000 USD. However, some others are shooting for $7,000 USD or more, which would be great for the crypto asset.
Can $7,000 USD Be Reached And Surpassed?
Todd Butterfield, a technical analyst, has affirmed that Bitcoin is very likely to climb up until the $7,000 USD resistance level in the following months. He believed that there is a fair chance that the asset may reach this spot at the end of May. Elliot Waves, another trader, and analyst has affirmed that it will take more time, however. He sees the mark to be reached at the end of the second quarter.
Mati Greenspan, an eToro senior market analyst which is known for crypto predictions, has used a Fibonacci retracement tool in order to make his bet. According to him, Bitcoin will reach the $7,000 USD mark, but it will reach a fierce resistance level then.
If the token was able to see its prices climbing so much, it could be great for the market. $7,000 USD was the price of BTC back in July last year when the market was still fairly optimistic.
As Bitcoin generally gains value very quickly, investors are bound to be attracted to the market as soon as it seems like they can make a quick and easy profit.
Some analysts are looking at the short contracts which are being made right now and affirming that, if they are surpassed like they were in the $4,200 USD level, this could be a major boost for Bitcoin when it finally leaves the $5,000 USD mark behind.
Will Bitcoin Recover From Today With A Bullish Trend?
Despite the great week, today was not a great day for Bitcoin. The prices are slightly below $5,000 USD now, so some traders are starting to fear that the $5,000 USD can turn into a new barrier for the asset. However, key technical indicators show that there is a bullish move growing right now.
Indicators like the 200-day moving average are showing that the market can have a positive trend soon. Also, it is known that the Bitcoin market is very cyclical, so after the fall, the token generally gets back on its feet after a while.
Many investors and traders believe that the bottom of the bear market was $3,100 USD and that Bitcoin is ready to start a new cycle of capital accumulation. Are they right? Let’s find out.