Following the positive volatility the markets experienced on Friday, () has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the ’s recent price gains.
Now, one analyst is claiming that may surge as high as $5,000 in the coming weeks, as the begins to develop more bullish technical formations.
Analyst: bitcoin May Soon Surge to $5,000
At the time of writing, is down nominally at its current price of $3,650. On Friday, surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.
As of late, 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 ’s least volatile weekends in a while, which could signal that has found stability at its current price levels.
Although at the time the markets are quiet, Mitoshi Kaku, a popular trader on Twitter, said that he wouldn’t be surprised if 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.
— Mitoshi Kaku 👨🏻🚀 (@CryptoSays)
Despite this, UB, another popular analyst on Twitter, explained that he is waiting for to fall lower before entering any long positions, with a target purchase price set around ’s range low in the low-$3,500 region.
“$ – 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.
– 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).
— UB (@CryptoUB)
bitcoin Price Surge May Be Fueled by Bullish Weekly Candle
As 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 trader on Twitter, pointed out that 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…
— Nik Patel (@cointradernik)
How finishes the day will likely set the tone for how positive the week ahead is for the .
Featured image from Shutterstock.
Published at Sun, 10 Feb 2019 20:08:32 +0000
