Analysts are sharing their thoughts on the next route Bitcoin will take and what levels it takes to target $ 8,000. On April 22, Bitcoin price exceeded the $ 7,000 level. However, it could not exceed $ 7,200 and rise to a higher level, and has been traded between $ 7,000 and $ 7,200 ever since.
Some traders are discussing what can help cryptocurrencies, the flagship of BTC, escape from the range and rise towards their $ 7,600- $ 8,000 targets.
“There Is No Reason For The Downward Tendency Yet”
Trader George believes that there is no reason to adopt a bearish trend as long as Bitcoin stays above $ 6,950. The analyst’s chart shows that above the lowest $ 7,200 per year will allow Bitcoin to move to the $ 7,600 area.
As long as we stay above $6950 there's no reason to be overly bearish here imo. Break back inside the range and lower imo.
Still short hedged. pic.twitter.com/N83ttJeRCT
— George (@George1Trader) April 23, 2020
“Getting Back $ 7,100 Will Push BTC Towards $ 8,000”
The cryptocurrency analyst “Crypto Michael”, who is right on the $ 7,100 forecast, thinks that the Bitcoin rise will continue and test $ 7,600 or even $ 8,000. In another scenario shared by the analyst, it is stated that if BTC drops to $ 6,900, $ 6,600 levels may appear.
Getting bored of this range here.
But, all good, following the plan still. Reclaiming $7,100 and I'll assume we'll be testing $7,600-8,000.
Might see a drop towards $6,900 as massive pivot. Holding there = aiming for longs.
Losing and I'll be targeting $6,600. pic.twitter.com/I3sm2xepuR
— Crypto Michaël (@CryptoMichNL) April 23, 2020
However, the analyst said, however, that the BTC / USDT chart did not look bad and that new unemployment reports will monitor how the BTC price will affect.
“7.130 Should Be Held”
Trader @ FeraSY1 seems to think identical to ‘Crypto Michael’, believing that Bitcoin should not fall below $ 7,130, which is a very important area in order to head towards $ 8,000.
— Feras_Crypto (@FeraSY1) April 22, 2020