Due to the recent exchange of Bitcoin which has proved to be highly rewarding, the leading cryto is now moving towards the $7,000 region. This development has proven the fact that the number one coin is proving all bookmakers wrong by surmounting the resistance price level that was predicted against it. Due to the fact that analysts believe that bulls have that gap over bears, the recent rise in price of Bitcoin has proved to them that their bullish theory might be some sort of technical formation
- Jihan Wu Still Optimistic About Bitcoin Despite World Crisis
According to an interviewed analyst, he understands that Bitcoin might soon enter the full bull mode as a result of the technical formation. He understands that this might push the crypto to around the $8,000 mark soon.
As at the time of putting this article together, Bitcoin is just trading at $6,750 which is a 8% increase from it’s previous price. This surge is coming after the coin traded at $6,000 just yesterday with the bears ready to push it into the $5,000 mark. The massive climb was a feat that was recorded with much joy after the coin went on a low.
This response is as a result of the attempted selloff which made the leading crypto regain it’s normal trading position between the $6,600 and $6,800 range. Bitcoin is facing the same resistance as before as the bulls try to move past the $7,000 mark. It can be easily said that Bitcoin has a penchant for stubborn increase which led popular crypto analyst on Twitter “CryptoBirb” to encourage his followers to expect a very stubborn increase from Bitcoin. He thinks it’s probable that it price hits the roof in the coming days and he was quoted as saying “If btc flips full bull mode, that’s what I think is most probable.”
CryptoBirb stressed that he is unsure if Bitcoin is out of deep waters yet as he was quoted in a tweet saying that Bitcoin could go into the “symmetry zone”. He stressed that the coin could make a really low dive and move to a $4,000 low too. “The BTC upside expansion scenario I got for yall above assumes we successfully break out and reclaim the support. Breaking down below the symmetry zone means upswing premature failure and visiting low 4000s imo,” he said. The response from Bitcoin will definitely determine it’s next course of movement in the coming days.