A Bitcoin Break Above $8,000 Is About To Come: A Technical Indicator Signals This
Over the past week, Bitcoin has shown steady price increases and reached a local peak of $ 7,800. This was followed by several rollbacks to the level of technical support, which varies from $7300 to $7500 and above. Crypto analysts are convinced that this behavior of the flagship cryptocurrency testifies to the consolidation of the strength of bulls.
Now, analysts are paying close attention to technical indicators of the market behavior of Bitcoin. Thanks to these indicators, you can predict the value of Bitcoin in the short term.
Ichimoku cloud indicates upcoming Bitcoin upward movement
Over the past few days, the price of Bitcoin has remained at almost the same level. Today, Bitcoin is trading at $7,760. The absence of a sharp fluctuation in the exchange rate is optimistically evaluated by crypto-analysts.
Now Bitcoin is as close as possible to the local April top of $7,800. Favorable market conditions, the prevalence of an uptrend can become a driver for breaking the milestone of $8,000.
In the upcoming Bitcoin bull run, a popular anonymous trader is fully confident. As an argument, he called on the crypto community to pay attention to the Ichimoku Cloud. This is a technical indicator that determines the movement of the price of an asset, the prevalence of an uptrend or downtrend.
How high will the price of Bitcoin rise?
If forecasts based on the Ichimoku indicator are true, Bitcoin expects a new growth phase. After the breakthrough, its price can strengthen in the range from $8,000 to $9,000.
Also, the establishment of a new resistance level may positively affect Bitcoin futures. In March, due to a sharp drop in Bitcoin, a gap in futures formed around $9,000. After breaking above $8,000, Bitcoin will be able to quickly fill the open CME futures gap in a short time.
Thus, now Bitcoin has every chance to once again confirm its viability and resistance to changing market conditions. If the forecasts come true and the bulls raise the price of Bitcoin above $8,000, we can say that the bearish sentiment is left behind.