On Friday morning, Bitcoin price continued its momentum from yesterday and broke through the $8,000 level, now trading at around $8,100. Over the past seven days, Bitcoin went up by as much as 25%, a signal that the cryptocurrency market may finally be recovering. As suggested by many experts, we could see Bitcoin set new highs in the future.
Further Upside For BTC/USD
Earlier, Tim Draper, a notorious venture capitalist, predicted that Bitcoin price could reach $250,000 by the year 2022. This figure is even more ambitious than Fundstrat co-founder Thomas Lee’s previously stated $25,000 target for year-end 2018.
Danny Masters, Chairman of CoinShares, said in an interview that “Bitcoin, the reserve currency for cryptos, is about to bounce back.” He expects the market to regain confidence more usable technologies are developed in the next nine to 18 months.
Furthermore, now that tax season is approaching its end, investors would be less inclined to sell their assets to capitalize on their gains over the past year.
BTC/USD Testing Resistance At $8,200
Now that BTC/USD has held a support at $8,000, more upside is on the horizon. The next major move could take Bitcoin price up to $8,500 going into next week. This would be the major resistance point for BTC/USD. Bitcoin is currently on a bullish trend, and its price has stabilized in the range of $8,000 to $8,200 over the last few hours.
As for the technicals, both the MACD and RSI indicators show that Bitcoin is in a bullish zone. Its 20-day moving average is also trending up, showing short-term strength.
Looking at the Technical Indicators:
- Hourly MACD & RSI — BTC/USD is in a bullish zone
- Major Resistance Level — $8,500
- Major Support Level — $8,000
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