Bitcoin Rests Below $7,000: Analyst Predicts A Breakout In April

Bitcoin started today with a fresh decline of less than 2% which brought the price of the most dominant coin to $6,835. Even though these levels are good on a weekly basis, the Bitcoin price news are expected to show a rise above $7,000 very soon. As Bitcoin rests below $7,000 this weekend, one analyst is in the focus of the news for predicting a major breakout later in April.

But before we show that, it is important to see data from Coin360 showing that BTC/USD is failing to establish support at $7,000 right now – and will likely do the same as the weekend continues.

On Friday, this pair returned to the $6,000 zone and hit daily lows of $6,630 before a slight rebound to press time levels which is near $6,800. Despite the encouraging signs from investors, the price momentum remained decidedly weak for Bitcoin, and the bullish traders are seeking a swift breakout being left disappointed.

For the analyst named Tone Vays, the fact that Bitcoin rests below $7,000 is nothing new – he believes that the next 14 days should see a bullish reversal for the weekly chart and help BTC rise above this mark. This may coincide with a daily chart breakout, too – the later in April this happens, the better, as he argued.

“I would love for this (ascending) triangle to get drawn out into as late April as humanly possible, while getting everyone frustrated that the breakout will never come — and then it comes,” Vays noted in the most recent episode of his Trading Bitcoin YouTube series.

He continued, stating that he will be “accumulating Bitcoin in this vicinity of $6,300-$6,400, and then again at the breakout level if we get there. We could break out tomorrow, we could break out tonight.”

On Friday this year, Cointelegraph Markets analyst filbfilb likewise believed that Bitcoin bulls were in a “strong” position under current conditions and they could take the market closer to $8,000.

As many crypto news sources reported, the month of April is likely to be crucial for cryptocurrencies and will probably see interesting behaviour among Bitcoin miners in particular.

For now, the market is vulnerable and Bitcoin leads the list of losses which can also be seen in the altcoin news.