Bitcoin Could Hit $7,000 After Surpassing A Key Level
The crypto market looks pretty mixed today with some coins trading in the red and others in the green.
At the moment of writing this article, Bitcoin is trading in the red, and the most important coin out there is priced at $6,747.98.
The other day, Bitcoin seemed to be racing, and the hearts of crypto analysts started pumping faster, but the rally was not able to hold too long.
Despite the harsh market conditions, there have been a lot of optimistic crypto predictions made lately, especially with the Bitcoin halving event on its way.
The event is scheduled to take place next month, in May, and the price of BTC is expected to skyrocket, based on what happened with the first two halvings so far.
NewsBTC wrote recently that the key resistance we should be watching is near the $6,600 level above which the price is likely to gain bullish momentum above $6,640. This happened yesterday, but now it seems that BTC is on a downward trend.
This mentioned bullish case the bulls are likely to aim a test of the $7,000 resistance, and we’ll just have to wait and see if this will be the case.
Bitcoin will not fall under $2,800
In other news, Tone Vays who is one of the most cautious crypto analysts out there, just said that Bitcoin would not drop below $2,800.
During a new episode of Trading Bitcoin, Vays said that he’s now positive that Bitcoin bottomed back in December 2018, and this will not happen again.
He used to believe that we might see such a drastic fall this year in June, but he just said that this is not the case anymore.
He explained that “if BitMEX did not go down, we probably would have hit $2,800 and maybe even lower. It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.