Bitcoin (BTC) has been surging consistently in the last few weeks, sometimes experiencing short dips which have not succeeded in holding it back. It recently tried to soar towards the $6,000 support it maintained before the phenomenal crash in 2018.
Although it later dipped below $5,500, a level that was expected to become the new support level, a cryptocurrency analyst known on Twitter as ‘UB’ believes it will still surge back above that level.
The surge to $5,600 was triggered by a buying pressure that pushed the price up but then a selling pressure showed up that pushed it down to $5,400 where it has been in the last 24 hours. UB believes Bitcoin could make a strong move from the price of $5,300 as at the time he made his analysis. In a tweet, he said:
$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area.
If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade,
— UB (@CryptoUB) April 24, 2019
Another analyst Josh Rager also mentioned on Twitter that Bitcoin still has a good chance of pressing towards $6,000 given the current trend of things.
$BTC – possible scenario
Bitcoin continues to make its way up to the peak interest area at $6400+
Lots of historical volume at this level and would create peak fomo
This is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace pic.twitter.com/XaUZvByhB2
— Josh Rager ? (@Josh_Rager) April 24, 2019
Bitcoin has been a little bit slow in ascending since the slight dip yesterday from $5,600 to $5,400. However, it has started showing signs of recovery and may be going up soon as backed by these analysts. If it does, the move to $5,600 and $6,000 may be in view as it is almost certain that the asset is on its way to that height.
A new move might be made by the end of today and the next few days may be the start of a new trend of growth, but it’s best to stand by and watch.