Bitcoin is set to reach $6,000 shortly, according to the CEO of leading independent financial advisory organisation deVere Group, after climbing 4.3% in the last 24 hours.
“Technical analysis, including long-term indicators such as the Moving Average Convergence Divergence and the Exponential Moving Average are showing signs that Bitcoin is ready to hit the critical $6,000 level,” said Nigel Green, CEO of deVere Group.
The prediction follows a rise of almost 40% over the last month, with the cryptocurrency climbing from $3,900 to $5,630. This suggests, according to Green, that Bitcoin increasingly looks to be moving from what is known as a ‘bear’ market where pessimism drives prices down, to a ‘bull’ market where optimism pushes prices up.
“It’s still too early to accurately say that Bitcoin is now in bull market territory – but the evidence for this trend is increasing day by day,” he said.
“It seems the broader sentiment is definitely turning decidedly more bullish amongst crypto traders. Many of even the most strident bears appear to be flipping.”
Bitcoin prices beyond $6,000
While the Bitcoin price at the time of writing sits at $5,553, increased interest from institutional investors are helping to drive it towards the golden $6,000.
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“I believe we will see many retail and institutional investors who have been sitting on the sidelines now unleashing their investment in the crypto market,” said Green.
“A new breakout of $6,000 by Bitcoin – the largest, most dominant digital currency – can be expected to fuel an accumulation period and will further boost confidence in the wider sector.
“Once this confidence is in place, the sky is the limit for cryptocurrencies, which are increasingly accepted by both retail and institutional investors as the future of money.”
For Green, 2019 is set to be a strong year for Bitcoin, with the cryptocurrency set to go well beyond $6,000.
“I recently forecast that we could reasonably see the Bitcoin price hitting $7,000 in the next few months. The expected $6,000 test is, of course, a major step in reaching this level,” he said.
“The fundamentals of Bitcoin, and cryptocurrencies more generally, are stronger than ever.
“Once the $6,000 level is reached it will set the positive direction of travel for the rest of 2019.”