Bitcoin(BTC) May Surge To A Value $5000, In The Weeks Ahead

One of the analyst claims that Bitcoin may surge to $5000 in the weeks ahead as this cryptocurrency begins to evolve many technical formations.

At this point of time, Bitcoin is trading with current prices of $3,652. But on Friday there was a difference in the prices which surged from low prices of $3700 to high prices of $3700. Moving further, Bitcoin was seen experiencing volatility on weekends. Eventually, this will have a perfect tone set for the upcoming weeks.

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Despite this, this weekend was one of bitcoin’s least volatile weekend since a while, this signals that BTC is regaining its stability at its current price levels. When the markets are quiet, Mitoshi Kaku, one of the popular cryptocurrency trader said he will not be surprised if bitcoin will surge to $5,000 in the upcoming ten days. He further explains saying,

I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action.

Along with this another popular crypto analyst on twitter elaborates that he is waiting for Bitcoin to fall lower before entering any long positions, with a purchase price target set around BTC’s range low i the low-$3,500 region.

He further elaborated saying,

$BTC – I’ve been flat since my short was stopped out the other day… I’m waiting to see the reaction around the Range Low before deciding my next move… Looking for longs as long as the 1D S & R holds as support (3440 – 3410).

With Bitcoin wrapping a quiet weekend and forming a fresh weekly candle, another analyst believes this will help fuel an upward movement in the upcoming week. This analyst named, Nik patel, pointed that Bitcoin forming a bullish weekly candle could raise as high as $6,000. Ultimately this concurs Mitoshi Kaku’s aforementioned price prediction. Patel noted,

We haven’t seen a higher-high on the Weekly in well over a year. This would be lovely.

What is your opinion on this bitcoin prediction? Share your thoughts on our Twitter and Facebook pages.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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