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Bitcoin’s Explosive Rally Targets $6,500 Next – Analyst Explains Why

By CCN: The bitcoin price could surge to $6,500 soon because it breached a key resistance level of $5,500 this week. That’s the assessment of Naeem Aslam, the Chief Market Analyst at ThinkMarkets, a forex and derivatives broker.

Indeed, bitcoin has roared to a six-month this week after flailing for much of 2018.

ASLAM: NASDAQ IS WARMING UP TO BITCOIN FUTURES

Analyst Naeem Aslam told CCN that there are several factors driving the rally, including optimism that Nasdaq is growing more confident about bitcoin futures.

Moreover, he says there’s a bullish trend forming with speculative bitcoin shorts that’s pushing the price higher.

“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500.”

“We have Nasdaq, which is about to get serious about Bitcoin futures. Not to mention the speculative short positions, which are going to get squeezed out very soon (as per the CFTC data).”

bitcoin price chart

Crypto analyst Naeem Aslam of ThinkMarkets says the bitcoin bear market appears to be waning. | Source: ThinkMarkets UK

Even the crypto bears at CNBC begrudgingly agree that bitcoin could climb to $6,000 soon.

Source.ccn

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