Bitcoin Market analysis

Senior eToro Analyst believes Bitcoin Could Easily Rally to $7,000

Bitcoin (BTC) is currently having its best run in a long time having climbed up the charts to above $5,000 for the first time since November.

The rally may have pumped the breaks over the last few days but does not seem to be a bad thing at least according to senior market analyst Mati Greenspan, who thinks Bitcoin could go significantly higher before halting at and battling a higher real resistance level.

In his brief analysis which he posted on Twitter, he cites his Fibonacci based technical analysis that shows may experience support or resistance. According to Greenspan, based on a high of $19,307, the Fibonacci retracement levels are 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867).

Are you frickin kidding me?! We haven’t even hit the first fib level yet.

Drawing the Fibonacci retracement tool from BTC’s ATH, we can see that this leg could easily take us up to $7,000 before hitting the first wall.— Mati Greenspan (@MatiGreenspan) April 4, 2019

Greenspan went on to set his near term price target at the first Fibonacci level of $7,000. If you look at the current prices, his price target represents roughly 40% upside from current levels. Critics of his analysis however point to Bitcoins weekly and monthly moving averages, in addition to the tough resistance level at $6,000 as possible barriers to the attainment of the $7,000 price point.

Greenspan assertion as reported last week is that the latest surge began in Asian markets, and whether we are completely out of the ‘crypto winter’ remains to be seen. The latest surge has animated many though with further speculation about what might be causing it being, the surge in institutional adoption of crypto. Can Bitcoin (BTC) beat the mentioned resistance levels? Only time will tell.

Image courtesy of Pexels

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