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 $5,300 – forming a reaction to this price level and going with another leg up.
“$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.
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 [email protected]