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Bitcoin To $6k: BTC Looks Good Despite Recent Reversal

Stefan by Stefan
25/04/2019
in Bitcoin News
Reading Time: 2 mins read
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Strong Demand Could, bitcoin, treasury, BTC
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Bitcoin is in the latest cryptocurrency news for incurring a significant amount of buying pressure which in turn led the cryptocurrency to surge past the $5,600 levels. However, despite the recent correction to $5,400, analysts say that Bitcoin to $6k is still a reality that is possible.

The recent inability to hold support at the price level has allowed Bitcoin to fall in the $5,400 region. According to one analyst, Bitcoin could be close to form another leg up on the condition that it is able to reach a strong buying action if it is to dip in the $5,300 region.

Other analysts don’t think that Bitcoin to $6k is a possible scenario that we could see in the near future mainly because of the instability and the buying pressure which is lacking – and predict that a boom is only possible in the altcoin news sphere. However, it is important to note that BTC is still trading up from its weekly lows at $5,200 and is below its one-month highs of $5,650 which were set yesterday.

According to a popular cryptocurrency analyst named UB on Twitter, the Bitcoin price action could be initiated as BTC responds to the $5,300 – forming a reaction to this price level and going with another leg up.

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“$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. Whichever scenario happens, the end goal is the same ($5300),” @CryptoUB tweeted.

Another great pattern to note, in comparison with the Bitcoin to $6k trend is the ascending trendline of BTC which may lead it to climb higher in the near future. As another analyst named Alex Kruger tweeted:

“$BTC hugging this trendline, in play since the April breakout.”

Kruger’s comment was featured on many best cryptocurrency news sites.

All of this shows that Bitcoin to $6k is a reality and that BTC may be on track for a new move into the $6,000 region. Despite the reversal and the crypto currency news showing that a boom on the altcoin market is possible, BTC may clmb in as high as $6,400 according to Josh Rager, another popular analyst on Twitter.

“$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,” Rager tweeted.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin going upBitcoin price analysisbitcoin price predictionbitcoin price surgebitcoin to $6kbitcoin to 6000btc to $6kbtc to 6000
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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