- Bitcoin (BTC) to cross $7200 at no distant future
- Bitcoin breaks $6000 resistance, surging steadily towards $6500 mark
- Impact of Binance and Bitfinex loss on Bitcoin (BTC) market price
There have been predictions from cryptocurrency experts about Bitcoin (BTC)’s major bull run. Little negative impact was noticed after Binance exchange’s unfortunate hackers’ attack that took the crypto space with shock, making Bitcoin (BTC) revolve around $5,800 until a couple of hours ago.
With such an incident, observers are liable to believe that Bitcoin (BTC) could break the $6000 resistance but not as soon as it eventually happened.
However, the entire crypto sphere especially the investors that have accumulated Bitcoin (BTC), waiting patiently for a much expected surge in market price, will be in euphoria as BTC recently broke the 6000 US dollars resistance and keeps soaring steadily towards $6500 mark.
Recap of the Impact Binance and Bitfinex Successive Losses had on Bitcoin (BTC) Price
The successive losses of Bitfinex and Binance exchanges actually left negative impact on all cryptocurrencies, especially the largest, Bitcoin (BTC), as they experienced a notable plummet in market price.
Binance lost 7000 BTC that is roughly $41 million in hackers attack, and the shock of the tragic incident is still glaring in the air as Binance exchange seeks a means to bail itself out of the major loss, but its impact in crypto market is not as severe as the effect of Tether-Bitfinex scandal.
Binance exchange also systematically calmed the storm by bearing the loss as it promised to repay all the investors that were the victims of the unfortunate attack, which literally suppressed the tension it could have resulted to, unlike Bitfinex that allegedly covered the huge loss it had from its users.
Bitcoin (BTC) is presently faring well in the cryptocurrency market despite the hack as BTC is relatively trading at $6100 at press time, which reflects Bitcoin has a positive response to the attack.
Analyst Predicted $7200 Bitcoin (BTC) Market Price
According to a popular crypto analyst, Trading Room (as identified on Twitter), Bitcoin (BTC) will be consistent with its steady rise in price, stressing BTC crossing $7200 mark is possibly achievable at no distant time, which would strengthen its unstoppable bull run.
Sincerely, crypto analysts have been so usual about predicting significant surge in price for Bitcoin (BTC). Permabulls like John McAfee, Tim Draper, Thomas Lee and others have been reiterating that the world should be ready for a ridiculous Bull Run in a very near future.
The recent forecast from the aforementioned analyst predicted that 100 weeks moving average is expected to strengthen Bitcoin (BTC) price to soar towards crossing $7200 mark.
Weekly Timeframe into play. Bulls need to break 100 Week MA & bears need to defend it
May take days to play out. Failure to breach will result in a failed rally & pullback towards Weekly 7EMA & 20 MA
— Trading Room (@tradingroomapp) May 7, 2019
Week in week out, Bitcoin (BTC) has been proving strong as it hasn’t shown the sign of relenting or retracting from its steady surge in market price. With the look of things, if the bull run is not now, then is probably around the corner.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.