Bitcoin overview: $6,000 becomes a possibility once $4,000 is cleared - Tone Vays
|- BTC/USD is locked in a range after another attempt to move above $4,000
- Tone Vays expects a move towards $6,000 before another leg down.
Bitcoin (BTC) is back at $3,975 after another failed attempt to crack $4,000 barrier. The first digital coin has been sitting in a tight range ever since it broke $3,900 handle as the upside momentum fades away on approach to the critical resistance.
Despite short-term troubles, cryptocurrency experts believe in a sustainable long-term growth for BTC and expect a mass adoption of its underlying technology.
Thus, crypto expert and researcher Tone Vays believes that BTC/USD can go as high as $6,000. Moreover, if the price breaks above $4,200 he expects a sustainable ‘a thousand-point breakout to the upside’, he said in the interview with IG.
“I do think we can break out on the price and go as high as $5000, possibly even as high as $6000, but I still think we will see lower lows sub $3000 prices sometime this year,’ he added.
Vays intends to sell some Bitcoin once the price settles somewhere between $5000 and $6000 levels to position for the next leg down.
Meanwhile, Tim Draper recently said that Bitcoin will hit $250,000 by 2022 or 2023 to represent up to 5% of the global economy.
BTC/USD, technical picture
On the intraday level, BTC/USD is supported $3,919-$3,900 area that includes SMA50 (4-hour) and SMA200 (1-hour). A sustainable move lower will push the price back to the previous range and potentially trigger more sell-off with the next focus on $3,800.
On the upside, $4,000 is the hurdle No.1, followed by $4,187, which is the highest level of 2019 and psychological $4,200.
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