Following the positive volatility the markets experienced on Friday, Bitcoin (BTC) has been able to find stability in the $3,600 region, signaling that bulls are not ready to surrender the cryptocurrency’s recent price gains.
Now, one analyst is claiming that Bitcoin may surge as high as $5,000 in the coming weeks, as the cryptocurrency begins to develop more bullish technical formations.
Analyst: Bitcoin May Soon Surge to $5,000
At the time of writing, Bitcoin is trading down nominally at its current price of $3,650. On Friday, Bitcoin surged from lows of $3,400 to highs of $3,700, before settling slightly to its current prices.
As of late, BTC has been experiencing volatility on the weekends, which have typically set the tone for the proceeding week. Despite this, this weekend has been one of Bitcoin’s least volatile weekends in a while, which could signal that BTC has found stability at its current price levels.
Although at the time the markets are quiet, Mitoshi Kaku, a popular cryptocurrency trader on Twitter, said that he wouldn’t be surprised if Bitcoin surged to $5,000 in the next ten days.
“I wouldn’t be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action,” he explained.
I wouldn't be surprise at ALL, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action. $BTC pic.twitter.com/Usdpub8LNj
— Mitoshi Kaku