Since the start of April, Bitcoin had evidently been going through a recovery phase. Sure, people had been anticipating this for quite some time now. However, trader and market commentator Crypto Dog has some pretty good reasons to believe that Bitcoin might just do more than what people expect of it.
Crypto Dog said in his tweet that the recent surges in the price of Bitcoin are not very surprising because these values had already been predicted back in 2018.
He admits to feeling at home with the current price points Bitcoin is resting at. Furthermore, he says that he is starting to rethink the potential positioning of Bitcoin in the coming days, adding that the cryptocurrency might hit a benchmark of about $6,000 pretty soon.
It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $1800 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time.
While Crypto Dog did believe that the bear market would come to an end, the possibility of Bitcoin hitting the $6,000 line was a pleasant surprise for him.
Sure, there were times that he did consider this moment to him but he surely did not expect the event to happen this instantaneously.
Bitcoin is pushing itself up to the charts with so much force that there is even a higher probability that the cryptocurrency would go up to $6,500. Of course, the $6,500 line is just a theory but if ever this does happen then traders and Bitcoin enthusiasts would certainly be up for the pleasant surprise.
Right now, Bitcoin has attained a price gain of about $100 per hour. This qualifies Bitcoin to achieve the price point of $6200. It hasn't happened yet but we see it coming pretty soon.
Besides, Crypto Dog isn't the only crypto analyst and trader who foresees this possibility.
Even Crypto Rand says that there is clear proof that Bitcoin heading upwards in a faster momentum than expected.
Then there is also CoinDesk's technical analysis illustrating how Bitcoin could be near the $6,000 benchmark in no time.
There is certainly going to be a lot of hoorays from the market and community once Bitcoin hits the expected benchmark but we must not forget this forthcoming event also marks the end of the crypto winter.
Vinny Lingham did say that once Bitcoin reaches a price of the value of $6,200 that's the time when the crypto winter would be considered officially over.