$6,500 is on the horizon for Bitcoin, says chief analyst at ThinkMarkets

25 Apr, 2019 | Updated: 25 Apr, 2019
by Joeri Cant
$6,500 is on the horizon for Bitcoin, says chief analyst at ThinkMarkets

Naeem Alsam, Chief market analyst at Think Markets, columnist at Forbes, and crypto enthusiast, said Bitcoin could soon surge to $6,500.

Naeem Aslam, the chief market analyst at Think Markets UK, told CCN, that the Bitcoin price could surge to $6,500 any time now, because it breached a key resistance level of $5,500 this past week.

The analyst explained that there are several factors driving the Bitcoin surge, including lots of optimism coming from Nasdaq, which is growing more confident about Bitcoin futures by the day.

'We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon', Aslam said.

'Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that Bitcoin’s price may move towards $6,000 or even touch $6,500.'

Last month, Chepicap reported that Aslam stated that he personally believes that each Bitcoin can go up as much as $400K.

The chief market analyst went on to say that 'if you are a long-term investor, you will not really worry about short-term levels', referring to the fact that Bitcoin's current price levels do seem to be significant in the short term, in the long term these prices may turn out to be highly insignificant, as Aslam believes that BTC could eventually surge as high as $400k.

'I personally believe that each Bitcoin can go up to as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run', the analyst said at the time.

The analyst has repeated his position that Bitcoin's latest rally was a pure build up for momentum and that we might see new ATHs during the next bull run.

'Bitcoin has the potential to topple the $100,000 mark and it is only a matter of time when this becomes a reality', he said.

'I am not saying that fiat money is going to vanish, but the way the central banks are managing the monetary policy, alongside the high levels of government debts, are going to bring the shine in the Bitcoin price again.'

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Read more about: Bitcoin (BTC)


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