Crypto currency analyst and trader Mitoshi Kaku says conditions are present that Bitcoin will hit $5,000 this month.
In a series of Twitter posts at the weekend, Kaku shared his outlook on the basis of a new comprehensive analysis for BTC.
“Two options I’m looking at right now in terms of targets or movements. Not touching my longs SL in place. Vigilant of the next few days and the Ichimoku action as they will be important to determine my next steps. Higher prices next week have a high probability,” he tweeted.
“I wouldn’t be surprised at all, if the price goes straight to $5K in the next 10 days. The conditions are present TA-wise. Obviously that sort of move would need a strong catalyzer, but anything is possible when it comes to price action,” Kaku added.
By the time Kaku made the forecast, the most popular cryptocurrency had made a big rally, presenting a positive technical case for BTC.
In a steady rising spree Friday, Bitcoin shot up by nearly $300 from $3350 to $3643 – a 9 percent increase.
The price has been hovering around $3600 since then, setting another period of consolidation.
At the time of writing, Bitcoin was changing hands at $3587, according to data from digital currency tracker Coinbase.
In line with Kaku, a couple of technical analysts said the Bitcoin market is switching gears from bearish to bullish.
According to Fundstrat strategist Thomas Lee, technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC.
This is good news for the Bitcoin market, which has been going through a bad patch this year.
From its recent peak of $4060 on January 8, Bitcoin price declined by $647, or more than 16 percent, in almost one month.