Bitcoin was able to continue rising today, and the ongoing recovery in the stock market, Bitumin's momentum in the past week, further augmented $ 6,900 from the $ 5,000 sub-region. He allowed him to increase even more when he rose.
Benchmark cryptocurrency is currently trying to retest these highs, but it remains unclear whether the bulls will be strong enough to exceed this level.
A prominent analyst believes that, despite the high bull on Bitcoin in the long run, it will target the area under $ 4,000 before achieving remarkable buying pressure.
Bitcoin Rises to $ 7,000 as Analysts Reject Intraocular
At the time of writing, Bitcoin is trading above 5% Current price $ 6,560, indicating a remarkable climb of about $ 6,000 daily low just before the last rally.
This bullish trend allowed it to once again test its heavy resistance in the $ 6,000 upper zone for cryptocurrency, which caused a slight decline at this level.
In the near term, analysts believe that BTC's inability to overcome this key resistance may be a terrible sign for him in the near term.
UB, another popular cryptocurrency analyst on Twitter, said in one last tweet that he believed he was ready to see a “carpet pull” that could cause Bitcoin to drop significantly in the near term.
“BTC – Three times pause raid. High imo for the day. This is set for a carpet pull. It is worth watching the reaction after taking the lowest values at ~ $ 6,150. Depending on what's out there, I can turn off my brief. "I can't bring the miscarriages to SFP and my eyes are 5.9 thousand dollars."
$ BTC – Triple stall raid. High imo for the day. This is set for a carpet pull.
It is worth watching the reaction after taking the lowest values at ~ $ 6,150. Depending on what's out there, I can turn off my brief.
– UB (@CryptoUB) March 24, 2020
BTC May Not See A Major Bull Power Until This Level Reaches
Crypto Michaël, a respected cryptocurrency analyst on Twitter, announced in a recent tweet that he believes that Bitcoin could test $ 4,200 to find enough support to spark the next major bull run.
"Short term; we may be seeing high volatility and testing the levels at $ 4,200 or $ 4,800. Long term; I can't get any higher about crypto and commodities by knowing what measures are taken everywhere. These low levels are just great opportunities."
Short term; We may be seeing high volatility and testing the levels at $ 4,200 or $ 4,800.
Long-term; Knowing what measures are taken everywhere, I cannot become more bulls about crypto and commodities.
These low levels are just great opportunities.
In my opinion.$ BTC
– Crypto Michaël (@cryptoMichNL) March 24, 2020
If Bitcoin does not exceed the resistance it faces in the $ 6,000 region, it is likely to see significantly further downward even though its mid-long term outlook is incredibly bright in price.
Featured image from Shutterstock.