Bitcoin (BTC) Price Could Spike to $9,500 if It Holds The Current Level: Crypto Analyst

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  • After rushing past $8,000 on the news from Iran and then slumping back, Bitcoin remains in the $7,700 area but an analyst says it has a chance of reaching $9,500 soon

Bitcoin (BTC) Price Could Spike to $9,500 if It Holds The Current Level: Crypto Analyst

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The Bitcoin price demonstrated a prompt bullish response to the escalation of the US-Iran conflict surging and reacting as a safe haven. However, when further escalation didn't appear on the horizon, the price went back below $8,000. At press time, Bitcoin is trading at $7,700.

The crypto analyst believes that if the price of the major cryptocurrency remains at its current level, it is likely that it can reach $9,500.

The bulls could take BTC to $9,500

Analyst @CryptoMichNL believes there are two possible scenarios in which the Bitcoin price may follow from its current spot on the charts. The first one is bullish – if BTC can hold the current level of $7,751, then it could later surge towards $9,500. To achieve this, several psychological levels between $8,000 and $9,000 would have to be overcome.

Another option is that failing to stay at the current price mark, Bitcoin could start dropping towards $6,400 or $5,800. The analyst also gives a similar prediction on the ETH price here.

There were many predictions saying that the BTC price is likely to dive down to the $6,000 level or lower but none of them has yet been realized.

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BTC price surge towards $20,000 would come as a surprise 

Cryptocurrency trader CryptoDog offered a poll on his Twitter page in which he asked the community if they would be surprised to see BTC soaring to the $20,000 price level within two months.

The opinions were shared with some, saying this was hardly possible. The other half said that such price increases would be in line with their expectations. However, as per the poll results, there are more investors who do not expect to see this happen.

Binance’s CZ intends to compete with Bitcoin 

The head of the crypto trading behemoth Binance, Changpeng Zhao (CZ), has recently stated his intention to make the BNB ecosystem faster than that of Bitcoin this year. He seems eager on improving the ecosystem of Binance’s native token, although he says he cannot guarantee the positive result.

Still, CZ remains a Bitcoin fan and is going to continue to shill both BTC and BNB on his Twitter handle.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.