Since bitcoin (BTC) managed to overcome that important psychological hurdle of $ 4,000, the cryptocurrency has ended up in a fight. The bulls are trying hard to keep the course above that limit, and so far it seems to work. However, that is not entirely possible.
For example, the day before yesterday, BTC fell hard. The rate recovered yesterday and just got stuck with the $ 4,000. Should BTC rise further, analysts say the next challenge is $ 4,200. For example, Josh Rager, a famous crypto trader, wrote on Twitter:
$ BTC weekly chart. Gandalf keeps $ BTC below the average level of $ 4,200. Bitcoin will not be able to break through the current resistance. So my target for the next drop is near the mid $ 3500s,
Naeem Aslam, chief market analyst at Think Markets UK, said the trend for the coming period will be determined at this point. He said in a blog post:
The result of this fight sets the tone for a bullish or bearish trend. This price level has become a matter of life or death for many crypto traders.
According to Aslam, bitcoin could also rise to an even greater height than it did at the end of 2017. He expects based on “a simple calculation” that BTC could double in value 25 to 50 times:
Personally, I believe that every bitcoin can rise above $ 400K if history repeats itself, and I don’t just pick it out of the blue. This is a simple calculation based on the estimated percentage growth of the price that we saw during the last bullrun.
Nevertheless, we have seen this type of prediction before, and when we apply the growth of the last bullrun in this situation, Aslam’s estimate is correct. However, as always; Results achieved in the past offer no guarantee for the future, so it is still necessary to pay attention now.