Bitcoin Likely to Soar Higher Despite Short Dip Below $5,500

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Bitcoin Likely to Soar Higher Despite Short Dip Below $5,500
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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:

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.

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.

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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.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.