Analyst Claims That Bitcoin Could Surge To $5,000 In Coming Weeks
Following the positive volatility the markets experienced on Friday, Bitcon 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.
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.
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.
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.
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.
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