The price of Bitcoin, the world’s largest cryptocurrency, touched an intraday high of $23,684 earlier today on the Bitstamp exchange.
The flagship cryptocurrency has now added more than 23% over the past week.
Is $28,000 possible?
Mark Newton, global head of technical strategy at Fundstrat Global Advisors, is now confident that Bitcoin bottomed out at the $17,600 level.The momentum appears to be “positively sloped” in the near term. The analyst believes that the $25,320 level would be for regaining bullish sentiment.
In fact, Newton adds that the cryptocurrency could potentially reclaim the $28,000 level “before any backing and filling.”
Bitcoin is still down roughly 66% from its record peak, according to data provided by CoinGecko.