Analysts Predict That Bitcoin’s Price Is ‘Unlikely To Fall Below $6,000’ In The Near Future

Bitcoin has been making a lot of headlines on our DC Forecasts cryptocurrency news site, after its strong rally which saw the leading cryptocurrency near the $7,000 margin. However, the Bitcoin price struck a record on exchanges such as Bitfinex – where it got to $7,700.

When it comes to the actual volume of Bitcoin, it rose from $3.2 billion to $7 billion at its peak – but has since dropped to $4 billion. Over the past two days, Bitcoin (BTC) has shown a 25% increase in its daily trading volume which can be certainly considered as a positive indicator for the strong short-term trend of the cryptocurrency.

Currently, the mid-term price trend of Bitcoin is estimated between $6,000 and $7,000, with the $6,000 margin now being the major support line. Based on the recent stability from BTC, the cryptocurrency has not fallen below the $6,000 mark for months which is why it became more challenging for bears to bring down the value of BTC in the short term.

According to one cryptocurrency trader named Eric Thies, it is hard to find an asset (such as Bitcoin) that tests a major support level more than 20 times per week. As he said:

“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”

Another analyst known for his alias SatoshiFlipper said that the $5,800 price of BTC was the bottom for the cryptocurrency market, stating:

“Seeing lots of accounts starting to come to their senses. Some will catch on sooner than others, but eventually everyone will realize that $5,800 or the BTC $100 billion market cap was the correct bear market bottom. Something I’ve told everyone since July.”

We will see what the future holds for Bitcoin, but assuming the recent movements, it looks bright.