A cryptocurrency surge of 40% in the last 30 days energized Bitcoin enthusiasts . This has caused a lot of analysts and market experts to come up with various explanations and predictions on what’s next for Bitcoin Price.
In the first week of April, Bitcoin experienced a sharp increase in price, moving from $4,200 to $5,000 within the short period. This signifies a 20% increase in Bitcoin price at the time and attracted a lot of attention.
While many investors were excited about the surge, some remained reluctant with this behaviour due to the sudden nature of the price movement. One analyst who showed concern about this price behaviour is ProChain Capital president David Tawil who suspected that such sharp upward movement may give rise to a sudden fall, in what he described as a “bull trap”.
So far, the upwarded momentum for Bitcoin price has been sustained, as it has overcome some key resistance levels above the $5,000 region ever since, and trading at $5,627 as at the time of writing.
Bitcoin’s next target is the $6,000 price level, which is considered to be very crucial for the cryptocurrency at this stage. As far back as December 2018, former IMF economist, Mark Dow, who is known to be a Bitcoin skeptic had acknowledged this current price region to be crucial for Bitcoin.
Another key element that may support further upward movement for Bitcoin at this stage is the rapidly rising CME Bitcoin futures market. Recently, the CME Bitcoin futures market was reported to have surpassed the daily spot BTC volume of the largest cryptocurrency exchange, Binance.
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