Bitcoin Likely to Soar Higher Despite Short Dip Below $5,500

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Bitcoin (BTC) has been surging consistently in the last few weeks, sometimes experiencing short dips which have not succeeded in holding it back. It recently tried to soar towards the $6,000 support it maintained before the phenomenal crash in 2018.

Although it later dipped below $5,500, a level that was expected to become the new support level, a cryptocurrency analyst known on Twitter as ‘UB’ believes it will still surge back above that level.

The surge to $5,600 was triggered by a buying pressure that pushed the price up but then a selling pressure showed up that pushed it down to $5,400 where it has been in the last 24 hours. UB believes Bitcoin could make a strong move from the price of $5,300 as at the time he made his analysis. In a tweet, he said:

Another analyst Josh Rager also mentioned on Twitter that Bitcoin still has a good chance of pressing towards $6,000 given the current trend of things.

Bitcoin has been a little bit slow in ascending since the slight dip yesterday from $5,600 to $5,400. However, it has started showing signs of recovery and may be going up soon as backed by these analysts. If it does, the move to $5,600 and $6,000 may be in view as it is almost certain that the asset is on its way to that height.

A new move might be made by the end of today and the next few days may be the start of a new trend of growth, but it’s best to stand by and watch.

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