Cryptocurrency had an exciting week last week with Bitcoins price going over $5,000. Reports surfaced very quickly covering the news, citing that the bear market was ‘finally over’ and that the ‘bulls are just around the corner’.
Whether you believe this or not, Bitcoin still saw a big surge which saw it reach levels on the back of a record-setting influx of buying pressure, with Bitcoin finding itself above $5,000 for the first time since November 2018.
Since then, Bitcoin seems to have calmed down a bit but it is still above $5k (at the time of writing). With Bitcoin stabilising and finding a consolidation range, analysts have done their bit to gauge what could be next in store for Bitcoin. According to the popular trader, Crypto Thies, a move drastically higher could very much be in store for Bitcoin.
Thies recently went on Twitter to lay out his reasoning for this prediction. He explains that as it stands, Bitcoin could find support at $4,300 where it initially broke out, and $4,700 where the asset’s 200-day moving average currently sits. On the other hand, Bitcoin will have trouble breaking past $5,500 and maybe even reach the $8,000 mark.
But the trader has made it clear that in the coming week, Bitcoin could be looking at a way to test resistances in an act of breaking out.
$BTC
— Crypto Thies (@KingThies) 7 April 2019
Quick thoughts
-Supports @ $4.7k & $4.3k
-Resistances @ $5.5k, $5.7k, $6.6k,$8.4k
-Confident we touch at least $4.7k again but I see an attempt upwards first
-1wk BB Sqz + 2wk candle breaking above midBB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks pic.twitter.com/2e4KThdf8r
The crypto trader writes that even though he is confident that the leading cryptocurrency will eventually slunk back below $5,000, he expects for Bitcoin to head higher in the coming weeks.
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