Bitcoin: USD/BTC (BTC=X) could enjoy additional gains after breaking through $4,000
Bitcoin could enjoy additional gains after breaking through $4,000, according to sentiment data and technical analysis.
The cryptocurrency reached as much as $4,063.95 around 12:30 EST on Sunday, January 6, according to CoinDesk bitcoin price data.
Since then, bitcoin prices have largely fluctuated between $3,950 and $4,050, additional CoinDesk figures show.
Bitcoin is “showing multiple bullish signs” that could cause the digital currency to retest “the 2018 trend line that currently is at the $4500 level,” said Jon Pearlstone, publisher of the newsletter CryptoPatterns.
“Any strength on a test of the trendline would likely lead to a retest of key resistance at the $6000, a level that held for months,” he added.
Mati Greenspan, senior market analyst for social trading platform eToro, offered a less optimistic assessment.
“At the moment Bitcoin is consolidating it’s gains above $4,000,” he noted.
However, “this is only the half way mark within the broader range between $3,000 and $5,000.”
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,532.75.
The projected lower bound is: 3,440.14.
The projected closing price is: 3,986.45.