Analyst: Bitcoin (BTC) Likely to Continue Surging to 5,500

Analyst: Bitcoin (BTC) Likely to Continue Surging to 5,500

At the time of writing, Bitcoin is trading up over 6% at its current price of $5,015, up from its 24-hour lows of $4,700. Yesterday’s price surge came on the heels of Monday’s surge that sent BTC from roughly $4,200 to above $4,800, which ultimately resulted in a massive upwards swing that harkened back to the days in which the crypto markets would see price moves of this magnitude on a consistent basis.

Although this parabolic price move has led many investors to flip bullish on Bitcoin and the crypto markets as a whole, traders ought to move slowly before making any large decisions, as one analyst believes Bitcoin will retrace back towards $4,500 in the near future.

UB, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that he will be looking to open short positions on BTC after it reaches $5,500.

Following yesterday’s massive price climb, rumors abound regarding what may have caused it, with everything ranging from an April Fool’s joke regarding the SEC’s approval of a highly anticipated Bitcoin ETF, to another fun rumor that jokingly claimed that BTC was simply tracking Avocado prices – which also surged yesterday on growing concerns regarding the United States closing its southern border.

One theory that seems more plausible was first propagated by Reuters, and claims that a mystery BTC buy order worth approximately $100 million was the catalyst for the price surge, although as Mati Greenspan, the senior market analyst at eToro, pointed out in a recent email, this would be impossible to prove.

Although Avocados and April Fool’s day are not factors in the latest BTC price surge, one thing that is for sure is that the overall market sentiment is beginning to shift for the bette