Bullish Bitcoin Technicals Thrills Analysts to Predict Next Leap Beyond $7,000

[MathGame]

As the bitcoin price slightly retraced below $5,000, the valuation of the crypto market dropped by $9 billion in the past 24 hours.

However, based on technical indicators, analysts remain convinced that the $5,000 to $6,000 range will be broken by bitcoin in the near-term and $7,000 is the next reasonable step for the dominant cryptocurrency.

The valuation of the crypto market dropped by $9 billion but in the past seven days, even with today’s drop, the market has added $28 billion.

Why $7,000 For Bitcoin?

According to technical analyst Todd Butterfield, the bitcoin price is likely to gradually climb to the $7,000 resistance level in the months to come, possibly by the end of May.

The analyst presented positive indicators shown by Elliot Waves, which show that with several minor retracements and small rallies, the asset is en route to reach the $7,000 mark by the second quarter of 2019.

https://www.ccn.com/bitcoin-analysts-bullish-technicals-breach-7000

[figmentofmyass]

beyond $7k? too much too soon.

there is huge resistance at $5600-$6k. bulls spent almost a year accumulating off those levels before the market crashed. there's gonna be huge selling pressure from bagholders trying to break even.

bullish predictions like this are a sign of the current sentiment. so many people are bullish, holding, long, and they're planning out a new bull market before we've even retaken any important resistance levels. in a few weeks or so, bulls are gonna get punished with a run back to the $3ks IMO.

[Whosdaddy]

Absolutely possible I must say, looking at the recent increase in price which many people did not expect, BTC increased by $1000 within day which this result may also be linked to some of these predictions we see, although not all prediction are valid but looking at the past history of his prediction, I think he may be close to it.

Recently BTC was predicted to get to $5000 by May, I almost saw it as impossible because if the way the market was behaving but before we got to the May, Bitcoin achieved the target value far before the stipulated time, so I don’t doubt its prediction with the positive behaviors of BTC we are seeing now.

[1Referee]

Recently BTC was predicted to get to $5000 by May, I almost saw it as impossible because if the way the market was behaving but before we got to the May, Bitcoin achieved the target value far before the stipulated time, so I don’t doubt its prediction with the positive behaviors of BTC we are seeing now.

Predicted by who? Self claimed experts who don't put their money where their mouth is?

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The main challange of the year will be breaking the levels around $6000 that acted as support for such a long period of time. I don't see the price break $6000 any time soon, especially with how such an important level organically triggers sellers to dump. From the lows of last year to $6000 is almost a 100% increase, and from $4000 to $6000 is a 50% increase. Round percentage numbers that will tempt people to secure profits.

I am short right now, and will again short around $6000. This doesn't mean I will be in the profits for sure, but I at least put my money where my mouth is.

[jossiel]

$7000 is near so that's a realistic call rather than the others who have been looking at quite far prices. We're from $4,100 and hit $5,300 within few days or I mean just hours and that's a rush gain.

I wouldn't look at the 'beyond' but rather stay to $7,000 first before going to another prediction. But again, before looking to those prices we need to see that it breaks first the $6,000 barrier then put that hope of reaching another gain of $1k soon.

[DeathAngel]

$7,000 is more realistic in 2020 as we approach the halving & then BOOM, we start our moon bound mission. It’s too early & unsustainable for $7,000 now. Bitcoin has the power of surprising us very often though so who knows.

[buwaytress]

beyond $7k? too much too soon.

there is huge resistance at $5600-$6k. bulls spent almost a year accumulating off those levels before the market crashed. there's gonna be huge selling pressure from bagholders trying to break even.

bullish predictions like this are a sign of the current sentiment. so many people are bullish, holding, long, and they're planning out a new bull market before we've even retaken any important resistance levels. in a few weeks or so, bulls are gonna get punished with a run back to the $3ks IMO.

Am I a bad "bull" for saying I agree that too much too soon is the scenario we should be wary of? I mean, even this recent hike is a bit too much for me (not complaining at all, mind you). I just keep reminding myself that the bigger the leap and the shorter the timeframe, the more painful the withdrawal, the sharper the drawback.

Where we are now is itself a hugely significant technical barrier, perhaps even more importantly, a mental one and you're right about this point, all the accumulators will be tempted to ask themselves: "is this where I break even? Do I take the chance granted? Or do I face more heartache at 4 and 3k?"

[LeGaulois]

Predictions are a bit like listening to the horoscope on the radio, they say random things and people are they happy no matter what the news they listened. You can say anything about cryptos and imagine any scenario by making drawings and lines on a graph.

[mindrust]

We'll probably go down below $4k one more time before we leave $5-6k zone. Are we going to see $7k again? Of course, but 2019 might not be the year.

I believe we need to get rid of more of the dumb money holders and weak hands first. There are still many around and I am not seeing them panicking.

[Astargath]

We'll probably go down below $4k one more time before we leave $5-6k zone. Are we going to see $7k again? Of course, but 2019 might not be the year.

I believe we need to get rid of more of the dumb money holders and weak hands first. There are still many around and I am not seeing them panicking.

Nah, weak hands have never been an issue. There were tons of weak hands during the bull run in 2017, however we also had a ton of strong buyers, FOMO buyers, etc. You always gonna have weak hands but you gotta realize that most of us here, reddit and other bitcoin forums probably own like 1-2% of bitcoins, we are not the ones moving the market.

[tomahawk9]

I believe we need to get rid of more of the dumb money holders and weak hands first.

But isn't the opposite happening right now? The sudden spike in the price which took us to 4.8k triggered some FOMO, most likely from the same weak hands and newbies that sold during the bear market, and they kept pumping the price until it reached 5.3k. So, we're not getting rid of dumb money, I'd say it's actually coming back (or will be coming back in full force if the prices keep going up) since hodlers and smart investors never left the market.

[eaLiTy]

$7,000 is more realistic in 2020 as we approach the halving & then BOOM, we start our moon bound mission. It’s too early & unsustainable for $7,000 now. Bitcoin has the power of surprising us very often though so who knows.

Anything is possible in this market, we might see the price even touching 8k by the end of this year and we will see small corrections along the way. I really do not want to see a steep increase in price at this stage as the correction also will be that steep. I expect that the market will see a price bound around $4500 to $6500 for sometime until the next push

[kodtycoon]

analysis is quite certain that at ccn article 7K will definitely jump in the near future, my estimate is the same even at the end of May we can see a jump exceeding 7K. the percentage of bitcoin is very positive for us, will it happen because there are similarities that are almost the same as remembering the past like this

[Adriano2010]

Maybe will reach 7000$ but for this we need more time, maybe at least 2 months if not comes a lot of investors with a lot of money and decide tommorow to buy a lot of coins, if this happen then the price will be moon soon.

[Malsetid]

Can't really say if i'd agree or not. I've seen similar TAs that did hit their target and some TAs that previously hit the mark and then missed this time. 7k by the end of may i think is a realistic target for the second quarter considering the slow upward movement we're having now. If this is sustained then yeah things look pretty optimistic.

[dothebeats]

$7000 with today's market conditions IMO is a bit of a steep target. I mean, there are a lot of people who have accumulated @ $6000 thinking that it is the lowest price bitcoin could ever get in this bear market. Once the slide to $5000 down to $3000 happened, these guys became bagholders and are just waiting for an opportunity for the price to rise up and dump whatever it is that they are holding. For sure, $6000 will be a hard resistance for the bulls should they wish to pursue $7000.

[GregH37]

beyond $7k? too much too soon.

there is huge resistance at $5600-$6k. bulls spent almost a year accumulating off those levels before the market crashed. there's gonna be huge selling pressure from bagholders trying to break even.

bullish predictions like this are a sign of the current sentiment. so many people are bullish, holding, long, and they're planning out a new bull market before we've even retaken any important resistance levels. in a few weeks or so, bulls are gonna get punished with a run back to the $3ks IMO.

Not too soon mate, it is possible, check the chart of the last bull run  and see how speedy it was too, MAY is still almost 52 days more and anything can happen before then, it only took 2 days for BTC to reach its current price and right now, I don’t see much of any manipulation in it to fear a crashed price, this will even still create further FOMO, if bitcoin can break fort to $5500 today, believe me bro, it will not take more than 1 week for FOMO to push BTC price to $7000 usd and from there, you know the next thing that will happen. So, be optimistic bro, we will get there pretty soon.

[hugeblack]

If we do not respond to the technical analysis, the mempool has dropped a lot and the price is still high so we are likely to move away from the 5,000$ limit in a short time "less than two months".

Maybe before the end of this year, we will be able to do that but I do not think that the price is able to break the 6000$ resistance level.


Also, let's not ignore the rumors that come from BCH. The price action may slow again and may lead to a temporary rise.

[BitHodler]

I mean, there are a lot of people who have accumulated @ $6000 thinking that it is the lowest price bitcoin could ever get in this bear market. Once the slide to $5000 down to $3000 happened, these guys became bagholders and are just waiting for an opportunity for the price to rise up and dump whatever it is that they are holding.

There is another side to this story though. In most cases, people set their stops around or just below the level they think price will not fall under, and this has lead to a massive trigger of stops last year.

A lot of these +$6000 buyers are out of the market already, and those who firmly held their coins will very likely exit the moment we are very near the $6000 mark again, which is very healthy for the market.

In my opinion investors and traders who bought their coins between $3000-$4000 are more of an obstacle for short term growth than the bag holders of last year's +$6000 prices.