This week the price of bitcoin traded below or at $7,000 mark before breaking above $7,200 on Friday. The surge was almost 10% higher, as it was trading at $6,400 earlier. The recent hike might trigger bitcoin to gain positive momentum. The bitcoin halvening is also scheduled to take place in May 2020.
Analysts believe the medium-term trend for bitcoin remains bearish.
Crypto analyst Jacob Canfield tweeted that the current trend could bottom at $5,500 as it is 78.6% from the swing low to swing high. He added that the cryptocurrency might see a bounce or two in between here and there. At the time of writing, bitcoin is changing hands at just above $7,100. Bitcoin dropped down to a six-month low as it traded below $6,500 this month.
Tim Draper and Charlie Lee make highly bullish predictions.
Earlier, Tim Draper doubled down on his long term bitcoin prediction suggesting that the price will reach $250,000 six months after the halving event. Tom Lee of Fundstart echoed the same opinion as he said that the price of the leading cryptocurrency might reach $250,000 if not in two, then five years. If you are a crypto trader, it is highly advised to use cryptocompare to get all the crypt related information in one place
