Following the positive volatility the markets experienced on Friday, Bitcoin (BTC) has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the cryptocurrency’s recent price gains.
Now, one analyst is claiming that Bitcoin may surge as high as $5,000 in the coming weeks, as the cryptocurrency begins to develop more bullish technical formations.
Analyst: Bitcoin May Soon Surge to $5,000
At the time of writing, Bitcoin is trading down nominally at its current price of $3,650. On Friday, Bitcoin surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.
As of late, BTC has been experiencing volatility on the weekends, which have typically set the tone for the proceeding week. Despite this, this weekend has been one of Bitcoin’s least volatile weekends in a while, which could signal that BTC has found stability at its current price levels.
Although at the time the markets are quiet, Mitoshi Kaku, a popular cryptocurrency trader on Twitter, said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days.
“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,” he explained.
Despite this, UB, another popular cryptocurrency analyst on Twitter, explained that he is waiting for Bitcoin to fall lower before entering any long positions, with a target purchase price set around BTC’s range low in the low-$3,500 region.
“$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),” he said.
Bitcoin Price Surge May Be Fueled by Bullish Weekly Candle
As BTC wraps up a relatively quiet weekend and forms a fresh weekly candle, one analyst believes that this could help fuel an upwards move in the week ahead.
Nik Patel, a popular cryptocurrency trader on Twitter, pointed out that Bitcoin forming a bullish weekly candle could lead to a move as high as $6,000, which concurs with Mitoshi Kaku’s aforementioned price prediction.
“We haven’t seen a higher-high on the Weekly in well over a year. This would be lovely,” Patel noted.
How Bitcoin finishes the day will likely set the tone for how positive the week ahead is for the cryptocurrency.