According to Mati Greenspan, Senior Analyst at eToro, Bitcoin can easily reach the $7,000 level before running into heavy resistance. The analyst made the claim on Twitter.
After trading between $3,800 and $4,100 for more than a month, Bitcoin suddenly surprised the crypto space on Tuesday with a rally that brought the cryptocurrency over the $5,000 level in less than 2 hours.
Mati Greenspan, a well known eToro Analyst, now thinks that Bitcoin can easily reach $7,000 before meeting major resistance. The analyst tweeted:
Are you frickin kidding me?! We haven't even hit the first fib level yet.
Drawing the Fibonacci retracement tool from BTC's ATH, we can see that this leg could easily take us up to $7,000 before hitting the first wall. pic.twitter.com/RZMSIMOysY
— Mati Greenspan (tweets ≠ trading advice) (@MatiGreenspan) April 4, 2019
Greenspan uses his Fibonacci-based technical analysis to show followers the areas where Bitcoin may experience support or resistance. Based on a high of $19,307, the Fibonacci retracement levels are 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867), according to Greenspan.
After the rally on Tuesday and Wednesday, Bitcoin touched 5,330 before coming back down, now trading around the 5,000 level. Analysts believe that Bitcoin will most likely not trade sideways for long. If the next move is going to upwards or downwards, however, has to be seen.