Analyst: Bitcoin's uptrend may lead its price to $7,200

Analyst: Bitcoin's uptrend may lead its price to $7,200

After the hacking of the popular cryptocurrency exchange Binance, the cryptocurrency market fell slightly yesterday. However, the impact of this news is limited, Bitcoin remains stable at more than $5,800, and since then , moving towards a price of $6,000.

There is now a popular analyst who believes that this continuation of the upward trend may cause Bitcoin to break through $7,000 in the near future, which is likely to be a sign that the next bull market is really starting.

At present, the transaction price of Bitcoin is $5,940, which is slightly higher than the low of $5,800 per day. However, after the news about the hacking of the exchange Binance, many investors were scared, but this time. The scope of hacking is limited. After the incident, Binance immediately proposed to compensate people whose accounts were affected by security breaches, which immediately eliminated many investors' concerns about this situation.

Bitcoin has risen sharply from a low of $5,400 over the past week and is only slightly below the high of about $6,000 last week. At the weekend, bitcoin prices just hit a high of $6,000. After the Binance exchange happened, the price of Bitcoin fell temporarily.

UB is a popular cryptocurrency analyst on Twitter who shared his views on Bitcoin in a recent tweet. He explained that he expects Bitcoin to continue to move higher, as Bitcoin has been able to recover its price range above $5,850 after yesterday's decline.

Many analysts are currently absolutely optimistic about Bitcoin’s short-term movements, and this optimism may last longer. One analyst explained that Bitcoin’s breakthrough of the 100-week moving average may lead to this. The cryptocurrency soared to $7,200 in the near future.

As this week continues, Bitcoin continues to gain a foothold in the price range of more than $5,000, and the next round of bull market is coming, and may soon be confirmed. (The internet)