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Bitcoin (BTC) on Track to $8,000, Long-term Analysis Optimistic

BTC market symbol cryptocurrency rising above the united states dollar

Bitcoin (BTC) is back this week after a slow December that saw it’s price fall below $7,000 on a few occasions and hit a low of $6,500.

Some commenters believe the recent US airstrike in Iran that killed Major General Qassim Soleimani helped to drive the price spike but evidence to this end is speculative at best. The price jumped from around $7,500 to $7,900 on Friday as news of the airstrike surfaced but with Bitcoin’s typical volatility this could be purely coincidental.

Forbes magazine reported on how many other assets like gold and oil also saw increases after the strike, drawing comparisons between Bitcoin (BTC) and other assets as safe havens. Some reports suggested Bitcoin (BTC) was trading as high as $24,000 per coin in Iran following the strike, although these claims have been discounted as a misunderstanding of Iranian exchange rates.

An optimistic long-term prediction from popular Trading View trader Alan Masters sees Bitcoin (BTC) reach new highs in 2020. Based on previous movements from last year where Bitcoin crossed its EMA100 and subsequently rallied, we could now see a similar movement that would take the coin to $48,000.

Where to from here?

Analysts believe that the cryptocurrency market may now have moved into bullish territory following several indicators of a trend reversal. Although Bitcoin (BTC) has hit resistance at $8,000 it’s likely to break above the point this week if bulls can hold support above the $7,800 mark.

Ethereum (ETH) is amongst several other coins that is enjoying gains this week, breaking through the $142 resistance level. It’s Moving Average Divergence Convergence (MACD) indicator adds to the bullish sentiment, giving analysts hope of a move to $160.

Ripple (XRP) is one of the biggest winners this week, enjoying a massive 10% rise in price. This is likely due to the launch of XRP Futures on popular trading platform Binance Futures. Following weeks of floundering below $0.20, XRP accelerated upwards of $0.22 before experiencing a minor correction to just above $0.21. Some now see the coin regaining a strong foothold on previous levels above $0.30 in the near future.

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