This week, Bitcoin did not surprise us with too high volatility — the cryptocurrency has been trading in the range of 5170 to 5325 dollars all this time. Trader Murad Mahmudov says that soon the flat period will end, and Bitcoin will jump to 5800 dollars. However, then investors are waiting for not the best times. Following the establishment of a new price record this year, BTC will roll back at least $ 1000.
Today Bitcoin is trading at the level of 5329 dollars. Over the past day, the cryptocurrency has risen by 1.05 percent. Mahmudov insists that the growth of the asset may begin next week.
So, what do the charts show? Bitcoin managed to test the resistance in the area of 5350 dollars several times, but each of them was unsuccessful. By the end of April, the cryptocurrency will have several more opportunities to approach these lines. In the end, one of them will lead to a breakthrough of resistance.
Accordingly, the breakthrough will be a good signal to the long for most market players. The influx of bulls will lead to a sharp rise in the price of BTC up to 5800 dollars, since there are no serious obstacles to this zone on the chart.
Unfortunately, buyers may not have enough dynamics to break through the long-term resistance in the area of 5800 dollars. In this case, we are waiting for an immediate rollback first to 4800 dollars, after which the asset will begin to look for new levels of support.
This forecast coincides with the theory that says about the continuation of the bearish trend. According to some analysts, even the consolidation above $ 5,000 can not guarantee that in the future we will not see significant plums of Bitcoin.