{"id":368601,"date":"2019-01-18T21:00:36","date_gmt":"2019-01-18T21:00:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=368601"},"modified":"2024-06-11T07:43:24","modified_gmt":"2024-06-11T07:43:24","slug":"analyst-bitcoin-price-must-get-above-3700-in-order-for-crypto-markets-to-surge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-bitcoin-price-must-get-above-3700-in-order-for-crypto-markets-to-surge\/","title":{"rendered":"Analyst: Bitcoin Price Must Get Above $3,700 in Order for Crypto Markets to Surge"},"content":{"rendered":"
Although this week was off to a volatile start, as the days went on Bitcoin began finding increased stability in the $3,600 region. This stability has led to a bout of sideways trading for the entire crypto markets, which have drifted down slightly today.<\/p>\n
Now, one prominent crypto analyst believes that Bitcoin needs to trade above $3,700 for an extended period of time in order for the entire market to climb higher.<\/p>\n
At the time of writing, Bitcoin is trading up nominally at its current price of $3,650. Ever since BTC surged to highs of $3,720 this past Monday, it has struggled to stay above this price, which may prove to be significant for future price movements.<\/p>\n
Analysts have previously noted that Bitcoin is currently stuck in a trading range between $3,550 and $4,200, which has so far been validated by the crypto market\u2019s recent price action.<\/p>\n
Recently, Mati Greenspan, the senior market analyst at eToro, discussed this range, saying<\/a>:<\/p>\n \u201cAs we\u2019ve been discussing since mid-November, the current range is from $3,000 to $5,000\u2026 It seems now, that bitcoin has opened a new mini-range within that from $3,550 to approximately $4,200\u2026\u201d<\/p><\/blockquote>\n Luke Martin, another popular cryptocurrency analyst on Twitter, shared his thoughts<\/a>\u00a0regarding Bitcoin\u2019s current price action in a recent tweet, noting that if BTC can break above $3,700, and trade above this price for an extended period of time, it will open the gates for another leg up to approximately $4,100, which is near the top of the aforementioned range.<\/p>\n \u201c$BTC battling to reclaim the range all week. If price can get back above 3700 I’m more excited about alt positive momentum continuing,\u201d Martin explained.<\/p><\/blockquote>\n This sentiment is shared by another cryptocurrency analyst, John Pearlstone, who recently said<\/a>\u00a0that he believes BTC could soon see a price surge if it is able to continue trading above $3,500, which could lead to a price target in the $5,000 range.<\/p>\n If Bitcoin is able to surge above $4,000, it will likely lead to a rally in the altcoin markets.<\/p>\n Although Bitcoin has been trading sideways for the past couple of days, Kevin Davitt, senior instructor at the Cboe, told MarketWatch<\/a>\u00a0that trends suggest that Bitcoin could start seeing some increasing levels of volatility, which he says is actively embraced by traders looking to profit from the markets.<\/p>\n \u201cSo, the New Year is underway and volatility appears to be percolating, which is off-putting to most passive investors. However, there are many market participants that understand volatility is a constant, and if volume numbers at Cboe are any indication, they are actively embracing the tools available to trade volatility and\/or manage risk,\u201d he said.<\/p><\/blockquote>\nCboe Analyst: Bitcoin and Crypto Volatility Could be on the Rise <\/strong><\/h2>\n