The recent crypto rally coupled with positive technicals has many analysts bullish on the price of B itcoin as they see $7,000 as the next target for the top cryptocurrencies. This is despite the price of BTC slightly dropping below the $5,000 mark over the past 24 hours. Also, the crypto market has lost around $9 billion within the same period.

Part of what makes these analysts so bullish on the price of Bitcoin is technical indicators that show the coin still has some positive momentum within it. They are now convinced that $5,000 to $6,000 range will be broken in the near term and this means that $7,000 is the next logical step for the top crypto coin.

Fibonacci retracement tool shows price of Bitcoin heading to $7,000

Even though the crypto market dropped by $9 billion over the past 24 hours, the past seven days have seen the market add $28 billion.

One of the analysts who sees Bitcoin reaching $7,000 soon is Todd Butterfield who thinks the coin is likely to reach the mark in the coming months, possibly by the end of May. He presented positive indicators by Elliot Waves that showed several minor retracements and small rallies meaning the asset is on route to reach $7,000 by the second quarter of this year.

Mati Greenspan who is the senior market analyst at eToro also seems to agree. According to his analysis of the price of Bitcoin using the Fibonacci retracement tool, BTC could soon find itself at $7,000 before it faces its first big sell wall.

If Bitcoin manages to reach $7,000 this will take it to the July 2018 levels when the sentiment around crypto coins was fairly positive due to strong performances that had been exhibited by altcoins.

Do you agree with the sentiment of these analysts? Is Bitcoin on its way to $7,000? Share your thoughts in the comment section below.

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