Why Analysts Think Bitcoin’s Surge to $7,450 is Just the Beginning

Over the past few hours, Bitcoin (BTC) has begun to gain momentum once again, pushing past $7,400 after remaining trapped under that level for the past two-odd days. As of the time of writing this, the leading cryptocurrency is trading for $7,470 — registering a 2.22% gain in the past 24 hours. Altcoins have followed suit, posting similar slight gains across the board as bulls are stepping in.

Ethereum On Cusp of Explosive Move After Confirming Bullish Formation
Monday April 06, 2020

Ethereum incurred a notable overnight surge that has allowed it to rally over 8%, gaining a firm position within the mid-$150 region as it begins showing signs of building strong momentum against both its...

The post Ethereum On Cusp of Explosive Move After Confirming Bullish Formation appeared first on 12bitplay - Bitcoin Play.

Although already a strong performance, analysts expect Bitcoin’s gains to continue into next week, with some even going as far as to say that the cryptocurrency could top $9,000 by the end of the month, maybe sooner.
Related Reading: This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000
Bitcoin’s Rally Just Starting
Cryptocurrency and forex trader Livercoin posted the below tweet on Saturday, showing that he believes Bitcoin has been trading like a textbook Wyckoff Reaccumulation-esque pattern over the past few days.
The textbook pattern, should BTC follow it to a T, suggests that BTC will break higher and higher in the coming days, in an upward move that will bring the asset back to the high-$7,000s.

Ethereum Could See Sharp Rally to $170 if it Posts This Insanely Bullish Breakout Pattern
Wednesday April 01, 2020

Ethereum and the aggregated cryptocurrency market has seen a slight selloff overnight that was catalyzed by Bitcoin’s decline to the lower $6,000 region. This plunge has not impacted ETH in the same way it...

The post Ethereum Could See Sharp Rally to $170 if it Posts This Insanely Bullish Breakout Pattern appeared first on 12bitplay - Bitcoin Play.

Hi, I am Livercoin and I like wyckoff reaccumulation. $BTC #Crypto pic.twitter.com/JH2HouSFTG
— Livercoin (@livercoin) January 4, 2020

Ethereum Rallies 20% But Fails To Surpass 100-day SMA
Tuesday April 07, 2020

Ethereum surged close to 20% and climbed above the $170 resistance against the US Dollar. However, ETH price is struggling to gain momentum above the 100-day simple moving average. Ethereum is up close to...

The post Ethereum Rallies 20% But Fails To Surpass 100-day SMA appeared first on 12bitplay - Bitcoin Play.

Another analyst echoed this optimism, posting the below chart. In it, he notes that if BTC can break the neckline of the inverse head and shoulders pattern formed over the past five weeks, which it did, a 15% move to hit $8,500 could be had in the coming weeks.
Seeing that Bitcoin has broken past the neckline over the past few hours and may see an end-to-end Ichimoku Cloud move, the cryptocurrency could begin to act on this pattern, surging higher to the aforementioned target.

Also, Su Zhu, the chief executive officer of forex and crypto fund Three Arrows Capital, recently remarked on Twitter that he believes Bitcoin’s price outlooking heading into 2020 is looking rather bullish. The prominent commentator specifically cited  his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets and the overall price action, which shows there are “clear signs of accumulation and money flow back into risk.”
Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So
Featured Image from Shutterstock The post appeared first on NewsBTC.

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