Bitcoin (BTC) Could Hit $8,400 Shortly, Says Analyst
The past week marked an essential moment in the crypto space for 2019.
The bulls were back and boosted Bitcoin over $5,000 after a long wait since last year.
2018 was embraced by a bearish trend, and hopes have been high for 2019 which finally managed to escape from the crypto winter.
More crypto analysts have been saying that we are eventually out of the long crypto winter and we can expect a more positive overall sentiment.
Now, BTC is trading in the green on CoinMarketCap, and the most important digital asset is priced at $5,287.18.
BTC to hit $8,4000 in the upcoming weeks
EthereumWorldNews mentions a prominent trader Crypto Thies who says that a vital high could be on its way for the most important crypto soon.
This took to Twitter and addressed the reasons for this high call. He explained that just as it currently stands, Bitcoin could find support at $4,300 where it initially broke out and $4,700.
“On the other hand, BTC will have trouble breaking past $5,500, $5,700 (the de-facto floor late last year), $6,600, and $8,400 (a top in a mid-2018 bear market rally), as these levels will act as resistances,” the online magazine reports.
This wrote that he expects BTC to go back to $4,700, but on the other hand, the crypto will be definitely heading much higher in the upcoming weeks.
-Supports @ $4.7k & $4.3k
-Resistances @ $5.5k, $5.7k, $6.6k,$8.4k
-Confident we touch at least $4.7k again but I see an attempt upwards first
-1wk BB Sqz + 2wk candle breaking above midBB suggests macro move to upper BB on 2wk @ $8.4k due in coming weeks pic.twitter.com/2e4KThdf8r
— Parabolic Thies ♔ (@KingThies) April 7, 2019
More bullish predictions
We recently mentioned another bullish BTC prediction.
Peter Brandt is a veteran technical trader, and he became a crypto legend for accurately calling the Bitcoin’s fall in January of 2018.
Now, the man is expanding on his new prediction that BTC is currently preparing for a parabolic bull run.
He recently had an interview with Yahoo Finance, and he explained why BTC would reach $50k.
He did not offer an exact date when such a thing could happen, but he’s positive that we’ll witness BTC reaching such heights.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.