Bullish Bitcoin Technicals Thrills Analysts to Predict Next Leap Beyond $7,000

However, based on technical indicators, analysts remain convinced that the $5,000 to $6,000 range will be broken by bitcoin in the near-term and $7,000 is the next reasonable step for the dominant cryptocurrency.

According to technical analyst Todd Butterfield, the bitcoin price is likely to gradually climb to the $7,000 resistance level in the months to come, possibly by the end of May.

The analyst presented positive indicators shown by Elliot Waves, which show that with several minor retracements and small rallies, the asset is en route to reach the $7,000 mark by the second quarter of 2019.

Similarly, Mati Greenspan, a senior market analyst at eToro, said that based on his analysis of the bitcoin price trend using the Fibonacci retracement tool, bitcoin could find itself at $7,000 before facing its first big sell wall.

Reference: https://www.ccn.com/bitcoin-analysts-bullish-technicals-breach-7000

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Author: Neo Anderson

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