Analyst on Bitcoin: "This leg could easily take us up to $7,000"

04 Apr, 2019 | Updated: 04 Apr, 2019
by Will Heasman
Price Analysis
Analyst on Bitcoin: This leg could easily take us up to $7,000

Mati Greenspan, Senior analyst at eToro just became very bullish on bitcoin (BTC), advocating a move up to $7000, adding that BTC could “easily” achieve this before hitting the first wall…

speculators, traders, and analysts are in their prime right now, with all eyes fixated on the crypto market, scrutinizing every. single. move.

For the most part, sentiment surrounding the next move for BTC is looking bullish with multiple suggestions of a further move upward.

Greenspan is no exception, taking his sentiment to Twitter, and sprinkling it around some.

The senior analyst presented his bull scenario, in which he believes BTC could “easily” reach $7000, based on the fact that Fibonacci retracement hasn’t yet been hit.

These Fibonacci levels denote the support and resistance of an asset and are created by taking two extreme points (highs, and lows) and dividing the vertical distance by key Fibonacci ratios.

For Greenspan, this is a cause for celebration, an indicator that the market still has some way to go before hitting any real trouble.

However, not everyone shared this sentiment, with a few analysts reminding Greenspan that there is quite a bit of resistance between the current level and $7k…

In general, the various analysts of crypto twitter appears to in be agreement that BTC has a fair few resistance points to hurdle, before even reaching $6k. However, if 6k is breached this could spell the end of the crypto winter as we know it. Watch this space.

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Read more: Traders & analysts: "Bitcoin will keep going up"; BTC to $6K soon?

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Read more about: Bitcoin (BTC) eToro

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