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As of the time of writing this, the top cryptocurrency is trading for $7,400, seemingly poised to break higher as these levels hold. In fact, a number of prominent analysts expect for BTC to see an 8% bounce in the coming days, citing simple technical and charting factors.
Analysts Expect 8% Bitcoin Price Jump
According to Amsterdam Stock Exchange trader Michaël van de Poppe, Bitcoin’s outlook for the coming week is looking bright, despite the expectations by some that the cryptocurrency will see a red week.
The CoinTelegraph contributor and professional analyst noted that the green box depicted below has held as support, which marks the range low. Due to this bullish sign, he went on to say that he wouldn’t be surprised if Bitcoin makes another push to the $7,800 to $8,000 resistance region “later next week.” A move to this area would mark an 8% rally from current prices.Green zone held for support here, which is the range low. Currently at potential local resistance. Wouldn't be surprised with continuation of ranging for the coming days, before we make another push to $7,800-8,000 resistances later next week. All in all, good. — Michaël van de Poppe (@CryptoMichNL)
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//twitter.com/MacnBTC/status/75370240 This comes shortly after “CryptoBirb” remarked that the move to $7,400 brings BTC above the key mid-range zone of the trading range for the past five weeks — the range being $6,400 to $7,900. This, the , implies that the cryptocurrency is on its way to the range highs of $7,900.Related Reading: XRP is Down 95% from Its 2018 Peak; What’s Next for the Embattled Crypto?
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