Home / Business / Analyst: Bitcoin (BTC) to reach 5,500 is a strong probability, but the possibility of a decline to 3,000 remains

Analyst: Bitcoin (BTC) to reach 5,500 is a strong probability, but the possibility of a decline to 3,000 remains

Bitcoin enjoyed a quiet weekend weekend and is currently firmly in the midst of its long-established trading range of $ 4,000 to $ 4,100. It is unclear how long this spread will last, but historically BTC has experienced quite strong price movements after long trades in lateral trading.

Now analysts seem to agree that Bitcoin will see a strong upturn to $ 5,500 in the near future, but it is important to note that the possibility of further down moves remains.

Bitcoin (BTC) trapped in stubborn trading

At the time of writing, Bitcoin is trading at its current price of $ 4,020. In recent days, BTC volatility has declined as trading margins increased.

Although BTC's upper bound on its current trading range is likely to act as a resistance level, this is the key level of analysts and traders watching Bitcoin's response to $ 4,200, where the crypto has experienced strong resistance since the end of last month and was torn down.

Crypto Krillin, an analyst with Twitter's Cryptocurrency, recently discussed where he's heading to Bitcoin. Second, it's important to mention that he believes the crypt will go higher in the direction of $ 5,500, but added that a downside of $ 3,000 is still a possibility.

"The moment of truth for Bitcoin is very close. We fly directly through the cloud to 5500 or visit 3000. I reject bullish, "he recently explained in a tweet.

$ 5,500 Becoming a Key Level for Bitcoin

Believes that Bitcoin's target price is currently around $ 5,500. [Yesterday] Galaxy, another popular Twitter crypto currency analyst, told its nearly 50,000 followers that BTC is currently Statistically speaking, it is likely to come in the next one or two months to a sharp rise in price to $ 5,500.

"According to Bulkowski's study, break more than 60% of the ascending triangles with decreasing volume upwards … with an average price increase of 35%. We have reached a target of $ 5,500 BTC once the outbreak is confirmed, "he notes.

When the new week begins and trading volume begins to rise, the Cryptomarkets will get a better look at Bitcoin's current trading range and where it will lead next.

  Selected image from Shutterstock. 

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