Analyst: The upward momentum of Bitcoin could lead to $ 7,200 in the near future

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The crypto markets fell slightly yesterday after the announcement of a hacking of the Binance popular cryptocurrency exchange. Despite this, the impact of this news has been limited and Bitcoin (BTC) has managed to remain stable above $ 5,800 and has since continued to decline to around $ 6,000.

Today, a popular analyst estimates that maintaining this upward momentum could bring the BTC to more than $ 7,000 in the near future, which would probably be a definite sign that the next price hike has really begun .

Bitcoin continues to climb to $ 6,000 despite the fall of yesterday

At the time of writing, Bitcoin is trading slightly higher at its current price of $ 5,940. It is up from its daily lows of just under $ 5,800 which were set just minutes after the announcement of the Binance hacking rumor of $ 40 million investors.

Despite this, the scope of this piracy was quite limited and Binance immediately offered to reimburse anyone whose account had been affected by the security breach, which immediately erased the fear that many investors had about the situation. .

Over a period of one week, Bitcoin is trading significantly in relation to the $ 5,400 minimums. It has only slightly declined from the weekly highs of about $ 6,000, which had been fixed yesterday late in the day just before the temporary fall caused by Binance's imbroglio.

Analysts believe that BTC's reactions to both the news of Binance and the recent fiasco around Bitfinex and Tether are a bullish sign and have confirmed the bullish sentiments of many traders.

UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, saying he expects cryptocurrency to continue climbing as it has managed to resume its position above $ 5,850 after the fall of yesterday.

"$ BTC – I'm #long and #strong. To be honest, it was probably the fall before new heights. The sooner we get $ 5850, the better, "he explained.

BTC could soon reach $ 7,200

Although analysts are resolutely bullish on Bitcoin over a short period, this uptrend is also extending over a longer period, with an analyst explaining that a break above the BTC's 100-week moving average could make cryptocurrency jump up to $ 7,200.

"$ BTC #Bitcoin Macro View. Weekly calendar at stake. The bulls must break 100 weeks and the bears must defend it. May take days to play. Failure to comply with this rule will result in failure of the rally and withdrawal to the weekly 7EMA & 20 MA. If broken up, 6700-7200 Zone, "Trading Room, a popular cryptocurrency analyst, explained in a recent tweet.

As the week continues and Bitcoin continues to expand into the USD 5,000 region, confirmation of the imminence of the next price hike is likely to be imminent.

Selected image of Shutterstock.



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