Senior eToro Analyst: Bitcoin (BTC) Could Easily Rally to $7,000

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Bitcoin (BTC) is currently having its best week in months after the leading digital currency moved above $5,000 for the first time since November.

While the rally has paused over the last few days as the market locks in recent gains, eToro senior market analyst Mati Greenspan thinks Bitcoin could go significantly higher before running into real resistance.

In his brief analysis on Twitter, Greenspan cites his recent Fibonacci-based technical analysis that shows areas where Bitcoin may experience support or resistance. Based on a high of $19,307, the Fibonacci retracement levels are 23.6% ($7,024), 38.2% ($9,372), 50% ($11,269), 61.8% ($13,166) and 78.6% ($15,867), according to Greenspan.

Greenspan has set his near-term price target at the first Fibonacci level of $7,000.

Bitcoin Fibonacci retracement levels (Mati Greenspan)

Based on current prices, Greenspan’s price target represents a roughly 40% upside from current levels. However, critics of this analysis point to Bitcoin’s weekly and monthly moving averages, in addition to the heavy resistance at $6,000, as major hurdles before reaching $7,000.

More: Mati Greenspan’s Twitter Analysis
Interesting: AltDex Launches Crypto Index to Track Blockchain Gaming Altcoins

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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