After a few days of marginal losses, the market has turned green again. In the last couple of hours, most coins have recorded gains although the numbers for most remains very low. Bitcoin (BTC) is at the time of press up by around 3%, a climb that has seen it find stability above $5,230.
This position has remained key for the coin in the last couple of weeks, with the position strengthening its recently established $5,000 support position. For many investors, Bitcoin being within the $5,200 and $5,000 position is fairly positive. If a trigger was to be set off while the coin is within this range, Bitcoin can easily rally and record impressive numbers.
The $5,400 Resistance Position Is The Next Key Target For The Bulls, $6,000 Still Within Reach
Within the last couple of hours, bitcoin has hit a high of $5,272 before pulling back. For the bulls, this is short of the long resistance position which is just above $5,450. They will be looking to push prices higher up to possibly retest the $5,400 resistance position soon as they continue to strengthen their bullish trend.
If the bulls can get Bitcoin prices above $5,400, they will have triggered a momentum that will easily see them reach a high of $5,800 and subsequently $6,000. This move will have seen Bitcoin climb back to its range before the plummet last year.
A few analysts, including Arthur Hayes, CEO of BitMEX exchange, are predicting that Bitcoin will end the year above $10,000. This will, however, be a very conservative achievement if Bitcoin can be able to cross above $6,000 in the first half of the year.
Max Keiser Believes The Next Rally Will Be Triggered By “State Actors” Mining Bitcoin For “strategic reserves”
Max Keiser, who has been an advocate of Bitcoin, has recently stated that he believes the next rally will be triggered by state governments. According to Keiser, governments will soon be involved in a hash war as they attempt to take control of Bitcoin’s network. This will see Bitcoin begin rallying and hit an all-time high.
“The hash wars will be played out on a state level and that’s what will take us to new all-time highs.”
Although this could potentially see prices rally as demand goes up, it is hard to see it lasting long-term. Cryptocurrencies are designed to be free from the influence and control of the government. It is hard to see it retain its interest among the people if states begin having influence over it.
