While the rally has paused over the last few days as the market locks in recent gains, eToro senior market analyst Mati Greenspan thinks Bitcoin could go significantly higher before running into real resistance.
In his brief analysis on Twitter, Greenspan cites his recent Fibonacci-based technical analysis that shows areas where Bitcoin may experience support or resistance. Based on a high of $19,307, the Fibonacci retracement levels are 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867), according to Greenspan.
Are you frickin kidding me?! We haven’t even hit the first fib level yet.
Drawing the Fibonacci retracement tool from BTC’s ATH, we can see that this leg could easily take us up to $7,000 before hitting the first wall. pic.twitter.com/RZMSIMOysY
— Mati Greenspan (@MatiGreenspan) April 4, 2019
Greenspan has set his near-term price target at the first Fibonacci level of $7,000.
Based on current prices, Greenspan’s price target represents a roughly 40% upside from current levels. However, critics of this analysis point to Bitcoin’s weekly and monthly moving averages, in addition to the heavy resistance at $6,000, as major hurdles before reaching $7,000.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.