Bitcoin has been hovering around $8,000 during the past few days, but now, the most important coin in the crypto market managed to surpass the $8,500 level, and it’s racing towards $9,000.
Currently, Bitcoin is trading in the green, and it’s priced at $8,730.81 on CoinMarketCap.
There are more crypto experts who have been predicting that BTC will soon be reaching $10,000 and after this psychological step is surpassed, the FOMO will reportedly be unleashed into the mainstream and then, a lot of money will be pouring in the crypto market and we’ll also see enhanced institutional investment in the space.
Bitcoin to hit $11,500 in June
UToday addresses the most recent prediction regarding the price of BTC. The online publication mentioned that the medium trend for BTC remains upwards, and the forecast for the next month’s price is somewhere between $10,500 and $11,500.
“The mid-term analysis is positive: it’s based on technical indicators and fundamental analysis. So, what is this assumption based on? The 20-day exponential moving average is increasing, and the BTC price is above the EMA (20),” Utoday writes.
The online magazine explained that this is an ascending trend channel that’s formed on BTC’s daily chart.
“The next implied price target is located at $11,500. The two intermediate price targets are located at significant resistance levels at $8,500 and $9,500,” the online publication continues and reports. The first level has been already surpassed, as now BTC is trading above $8,500.
The article is concluded by saying that the best time to invest would be around $7,400, and the profits will be collected at $11,500.
BTC to hit $1,000,000 over the next decade
There’s been one more bullish prediction mentioned lately in the crypto space.
Julian Hosp, crypto analyst, and the author Cryptocurrencies Simply Explained said that there’s a metric which is “known as the stock-to-flow ratio indicates Bitcoin is on a trajectory to $1 million over the next ten years.”