As the bitcoin price slightly retraced below $5,000, the valuation of the crypto market dropped by $9 billion in the past 24 hours.
However, based on technical indicators, analysts remain convinced that the $5,000 to $6,000 range will be broken by bitcoin in the near-term and $7,000 is the next reasonable step for the dominant cryptocurrency.
The valuation of the crypto market dropped by $9 billion but in the past seven days, even with today’s drop, the market has added $28 billion.
Why $7,000 For Bitcoin?According to technical analyst Todd Butterfield, the bitcoin price is likely to gradually climb to the $7,000 resistance level in the months to come, possibly by the end of May.
The analyst presented positive indicators shown by Elliot Waves, which show that with several minor retracements and small rallies, the asset is en route to reach the $7,000 mark by the second quarter of 2019.
https://www.ccn.com/bitcoin-analysts-bullish-technicals-breach-7000