The crypto markets dropped slightly yesterday after news broke regarding popular cryptocurrency exchange Binance being hacked. Despite this, the impact of this news was limited, and Bitcoin (BTC) was able to hold steady above $5,800 and has since continued to march back towards $6,000.
Now, one popular analyst believes that a continuance of this upwards momentum could lead BTC to over $7,000 in the near-future, which would likely be a definitive sign that the next bull run has truly begun.
Bitcoin Continues Climbing Towards $6,000 Despite Yesterday’s Drop
At the time of writing, Bitcoin is trading up marginally at its current price of $5,940 and is up from its daily lows of just below $5,800 that were set just minutes after news broke surrounding the $40 million Binance hack that struck fear into the hearts of many investors.
Despite this, the reach of this hack was fairly limited, and Binance immediately offered to reimburse anyone whose account was impacted by the security breach, which instantly erased the fear that many investors had regarding the situation.
Over a one-week period, Bitcoin is trading up significantly from lows of $5,400, and is only down slightly from its weekly highs of roughly $6,000, which were set late-yesterday just prior to the temporary drop caused by the Binance imbroglio.
BTC’s muted reaction to both the Binance news and the recent fiasco surrounding Bitfinex and Tether is seen by analysts as being a bullish sign, and has confirmed the bullish sentiments held by many traders.
UB, a popular cryptocurrency analyst on Twitter, shared his thoughts on BTC in a recent tweet, explaining that he expects the cryptocurrency to continue climbing higher, as it has been able to decisively reclaim its position above $5,850 after yesterday’s drop.
“$BTC – I’m #long and #strong. That was probably the dip before new highs to be honest. The sooner ~$5850 is reclaimed, the better,” he explained.
That was probably the dip before new highs to be honest.
— UB (@CryptoUB) May 8, 2019
BTC May Soon Surge Towards $7,200
Although analysts are decisively bullish on Bitcoin over a short time period, this bullishness also extends over a longer time frame as well, with one analyst explaining a break above BTC’s 100 week moving average may lead the cryptocurrency to surge towards $7,200 in the near-future.
“$BTC #Bitcoin Macro View. Weekly Timeframe into play. Bulls need to break 100 Week MA & bears need to defend it. May take days to play out. Failure to breach will result in a failed rally & pullback towards Weekly 7EMA & 20 MA. If broken on upside, 6700-7200 Zone,” Trading Room, a popular cryptocurrency analyst, explained in a recent tweet.
Weekly Timeframe into play. Bulls need to break 100 Week MA & bears need to defend it
May take days to play out. Failure to breach will result in a failed rally & pullback towards Weekly 7EMA & 20 MA
— Trading Room (@tradingroomapp) May 7, 2019
As the week continues on and Bitcoin continues to further establish its foothold in the upper-$5,000 region, confirmation as to whether or not the next bull run is imminent is likely right around the corner.
Featured image from Shutterstock.