Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst

Bitcoin on-chain
Image Source: Shutterstock

Bitcoin [BTC] Going Above $7,950 will Start Another Breakout – Analyst

Bitcoin has been in a slight pullback for a few days now and those who have been watching the charts during this time may be confused as to the direction Bitcoin, and indeed the whole market is going next. A cryptocurrency trader known as DonAlt on Twitter has given some light on the market. He said the lead currency will see some light if it manages to rise to $7,950 from the current $7,842 price.

Bitcoin market chart from TradingView

When will this happen?

Bitcoin grew really fast especially in May, rising way above $8,000 and the crypto community expected a move towards $10,000. However, the market started pulling back in what seemed to be a crash, but analysts said was normal. At the time, the cryptocurrency was said to be growing too fast and needed to correct again before rising at a slower pace.

This seems to agree with DonAlt’s position as the cryptocurrency has eventually corrected but its growth has become significantly slower than before. Another analyst Josh Rager says the asset will be consolidating this week and great volatility should be expected on Friday, May 31st. This may eventually lead to a climb to DonAlt’s critical $7,950 price and the long-awaited recovery above $8,000 again.

A long-awaited rise

The initial price rise evidently raised the expectations of the crypto community and many Bitcoin holders cannot wait for the price to go up again. Not only that, altcoins were expected to rise with Bitcoin’s pullback but the current one has held down even the alts. The rise of Bitcoin is currently probably the only hope for the market and the entire space is looking forward to it.

Summary
Bitcoin [BTC] Going Above $7,950 will Start Another Breakout - Analyst
Article Name
Bitcoin [BTC] Going Above $7,950 will Start Another Breakout - Analyst
Description
Bitcoin is stagnated and has been down for a few days. Analyst say there is no need to panic regardless as the bull market is still on. Another analyst says if Bitcoin makes it to $7,950, it could finally break out once again.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Ponvang Bulus

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu

Post your comment...
Ponvang Bulus 62 Articles

A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu