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Bitcoin has been able to continue climbing higher today, with the ongoing rebound in the equities market allowing Bitcoin to further extend the momentum that was first incurred last week when the cryptocurrency rallied from the lower $5,000 region to highs of $6,900.
The benchmark cryptocurrency is now attempting to re-test these highs, although it remains unclear as to whether or not bulls will be strong enough to propel it past this level.
One prominent analyst is noting that although he is highly bullish on Bitcoin in the long-term, he does believe that it will target the lower-$4,000 region before it is able to garner any notable buying pressure.
Bitcoin Rallies Towards $7,000 as Analysts Eye Imminent Rejection
At the time of writing, Bitcoin is trading up over 5% at its current price of $6,560, which marks a notable climb from daily lows of roughly $6,000 that were set just prior to its latest rally.
This uptrend has allowed the crypto to once again test the heavy resistance it has within the upper-$6,000 region, with the crypto facing a slight rejection at this level that has led it to decline slightly.
In the near-term, analysts seem to believe that BTC’s inability to break above this key resistance could be a dire sign for it in the near-term.
UB – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes Bitcoin is poised to see a “rug pull” that could lead it significantly lower in the near-term.
“BTC – Triple Raid of stops. High for the day is in imo. This is setup for a rug pull. It’ll be worth watching the reaction after taking the lows at ~$6,150. I may close my short depending on what happens there. Failure to SFP the lows and I have my eyes on $5.9k,” he explained.
$BTC – Triple Raid of stops. High for the day is in imo. This is setup for a rug pull.
It'll be worth watching the reaction after taking the lows at ~$6,150. I may close my short depending on what happens there.
Failure to SFP the lows and I have my eyes on $5.9k. #Bitcoin pic.twitter.com/NI4uPjgkdy
— UB (@CryptoUB) March 24, 2020
BTC May Not See Any Significant Bullishness Until It Reaches This Level
Crypto Michaël, another well-respected cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin may test $4,200 before it is able to find enough support to spark the next notable bull run.
“Short term; We might be seeing high volatility and might be testing the levels at $4,200 or $4,800. Long term; I can’t be more bullish on crypto and commodities, knowing what measures are taken everywhere. These low levels are just massive opportunities. In my opinion,” he explained.
Short term; We might be seeing high volatility and might be testing the levels at $4,200 or $4,800.
Long term; I can't be more bullish on crypto and commodities, knowing what measures are taken everywhere.
These low levels are just massive opportunities.
In my opinion.$BTC
— Michaël van de Poppe (@CryptoMichNL) March 24, 2020
If Bitcoin is unable to break through the resistance it faces within the upper-$6,000 region, it is highly likely that it will see significantly further downside, although its mid-to-long term outlook is incredibly bright from a price-perspective.
Featured image from Shutterstock.
