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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Claims That Bitcoin (BTC) Could Surge to $5,000 in Coming Weeks

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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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.

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. $BTC pic.twitter.com/Usdpub8LNj

— Joe Mitoshi 🧑‍🚀 (@CryptoSays) February 9, 2019

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.

$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).#Bitcoin pic.twitter.com/3V4lqWUm8R

— UB (@CryptoUB) February 10, 2019

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.

We haven't seen a higher-high on the Weekly in well over a year. This would be lovely…$BTC pic.twitter.com/xKPj80Y5h5

— Nik (@cointradernik) February 10, 2019

How Bitcoin finishes the day will likely set the tone for how positive the week ahead is for the cryptocurrency.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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