Categories: Bitcoin Business

Analyst Claims That Bitcoin (BTC) Could Surge to $5,000 in Coming Weeks

Click here to view original web page at www.newsbtc.com

Following the positive volatility the markets experienced on Friday, Bitcoin (BTC) has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the cryptocurrency’s recent price gains.

Now, one analyst is claiming that Bitcoin may surge as high as $5,000 in the coming weeks, as the cryptocurrency begins to develop more bullish technical formations.

Analyst: Bitcoin May Soon Surge to $5,000

At the time of writing, Bitcoin is trading down nominally at its current price of $3,650. On Friday, Bitcoin surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.

As of late, BTC has been experiencing volatility on the weekends, which have typically set the tone for the proceeding week. Despite this, this weekend has been one of Bitcoin’s least volatile weekends in a while, which could signal that BTC has found stability at its current price levels.

Although at the time the markets are quiet, Mitoshi Kaku, a popular cryptocurrency trader on Twitter, said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days.

“I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action,” he explained.

I wouldn't be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action. $BTC pic.twitter.com/Usdpub8LNj

Despite this, UB, another popular cryptocurrency analyst on Twitter, explained that he is waiting for Bitcoin to fall lower before entering any long positions, with a target purchase price set around BTC’s range low in the low-$3,500 region.

“$BTC – I’ve been flat since my short was stopped out the other day… I’m waiting to see the reaction around the Range Low before deciding my next move… Looking for longs as long as the 1D S & R holds as support (3440 – 3410),” he said.

$BTC – I've been flat since my short was stopped out the other day.

I'm waiting to see the reaction around the Range Low before deciding my next move.

Looking for longs as long as the 1D S & R holds as support (3440 – 3410).#Bitcoin pic.twitter.com/3V4lqWUm8R

Bitcoin Price Surge May Be Fueled by Bullish Weekly Candle

As BTC wraps up a relatively quiet weekend and forms a fresh weekly candle, one analyst believes that this could help fuel an upwards move in the week ahead.

Nik Patel, a popular cryptocurrency trader on Twitter, pointed out that Bitcoin forming a bullish weekly candle could lead to a move as high as $6,000, which concurs with Mitoshi Kaku’s aforementioned price prediction.

“We haven’t seen a higher-high on the Weekly in well over a year. This would be lovely,” Patel noted.

We haven't seen a higher-high on the Weekly in well over a year. This would be lovely…$BTC pic.twitter.com/xKPj80Y5h5

— Nik Patel (@cointradernik) February 10, 2019

How Bitcoin finishes the day will likely set the tone for how positive the week ahead is for the cryptocurrency.

Featured image from Shutterstock.

Tags: bitcoin, btc, crypto

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Is Up Against An Extremely Important And Powerful Resistance Zone On The Monthly Chart: The Kijun-Sen (Base Line)

We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More

5 hours ago

BTC ATM goes missing and no one notices

When you think of thieves stealing an ATM, the mind jumps to the idea of an exciting crime. Maybe there’s… Read More

5 hours ago

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More

5 hours ago

Researchers Concur Current Bitcoin Market Cycle is Only Just Beginning

Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More

5 hours ago

Hopes for Bitcoin as China’s Renminbi Drops to 11-Year Low

A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More

5 hours ago

Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates

Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More