Analysis Shows Bitcoin Could Be Headed Toward $6,000 In The Medium Term | UseTheBitcoin
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Analysis Shows Bitcoin Could Be Headed Toward $6,000 In the Medium Term

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Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Bitcoin (BTC) could be headed towards $6,000 in the middle term. There are some fundamentals that show that Bitcoin could start growing once again and leave the bear market that started in December 2017. During the last few days, Bitcoin has been performing positively, increasing the chances of breaking out from this bear trend.

Bitcoin Could Reach $6,000

Bitcoin has registered in February the first month-to-month increase since July 2018. The bear market has affected the space, especially after November 2018 when Bitcoin dropped under $6,000.

During the last weeks, Bitcoin has been recovering part of the price that it lost during the last months. In the weekly chart, it is possible to see that Bitcoin is registering a few positive weeks. Now, Bitcoin should surpass the $4,200 resistance level if it wants to eventually reach $6,000 a strong resistance that was previously Bitcoin’s main support.

A virtual currency that has been leading in the market in the last weeks is Litecoin (LTC). In the last seven days, Litecoin grew 21%, the largest winner among the top 5 and the second largest among the top 10 after Binance Coin (BNB). It seems that the growth experienced by Litecoin has also helped Bitcoin and other digital currencies to start growing once again.

There are some analysts that think that Bitcoin will also be growing in the near future. The cryptocurrency analyst on Twitter, @TraderScarface, explained that Bitcoin could eventually reach between $102,000 and $336,000 in the future. This is related to the fact that in the past Bitcoin has always grown up to 16.89 times higher than previous highs.

It is worth mentioning that other analysts expect Bitcoin to drop even further before starting to move towards $6,000. The Crypto Dog, said that the most popular digital asset could reach $1,800 and Ethereum (ETH) could drop down to $50.

Other experts such as John McAfee have predicted Bitcoin to reach $1 million before 2021. However, this seems far from happening. In 2020 Bitcoin will be experiencing a reward reduction for miners. That means that there will be a lower Bitcoin issuance. Each block will be rewarding miners with 6.25 BTC rather than with 12 BTC as it is now. This is very bullish for the market since an increase in the demand for the digital asset could help the price grow at faster rates.

Bitcoin is currently being traded just above $3,900 and it has a market capitalization of over $68 billion.

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