Bitcoin has been down slightly from its highest price this year at over $8,300 for some days now. Although the chance of making progress forward looks slim, analysts believe the cryptocurrency will be making a move upwards once the current pullback is over, most likely in the next few weeks.
One of the analysts, Galaxy says Bitcoin is trading with range and although the price may not reflect it, the asset is actually doing well and still bullish, retaining a 60% chance of an upward move towards $10,000 in the next three weeks.
In a similar fashion, another analyst, Crypto Rand says he expects Bitcoin to trade in the same triangle Galaxy referred to for the next few weeks.
A prominent figure in the crypto space, the Co-Founder of Morgan Creek, Anthony Pompliano also expressed optimism that Bitcoin will break out of its current price zone despite the current pullback. All these agreements from the different analysis cannot be a coincidence. One other analyst also says Bitcoin will shoot to $10,000 as long as it remains above $7,000.
Although the $7k price seems to have been held for a long time, DonAlt says Bitcoin will be seeing good days if it manages to surpass $7,950. Although there have been fears that the leading cryptocurrency could see a major correction under $7,000, its ability to hold above the price may be suggesting the asset is determined to push its way up.
The pullback was a chance for altcoins to catch up with Bitcoin according to some analysts. This was reflected yesterday as all top altcoins turned green along with Bitcoin in the later hours of yesterday, unlike the earlier patterns when Bitcoin surged high but altcoins including Ethereum were in the red.
Bitcoin might be seeing some price consolidation this week according to cryptocurrency trader Josh Rager, and major volatility may hit on Friday 311 May. He says this will be “the apex of the meme triangle apex (condensing price),” which is also within the range of the few weeks when Bitcoin is expected to break out. No matter how long it takes, the crypto community will be waiting when Bitcoin is ready to break out.