Bitcoin Testing $6,000 Level Will Justify Overall Surge in Cryptocurrency Optimism

By Maheen Hernandez May 5, 2019 Off

The ETH has been rising steadily above $158 and $160 resistance levels versus the dollar.  The price has been trading above the $165 level.  Resistance is seen at $167 on the four-hour chart of the ETH/USD.  The pair will likely climb higher at the $170 or 180 level in the near term.

The 4 hours MACD is slowly moving in the bearish zone.  The 4 hours RSI has moved back above 50 levels and has got a positive angle.  The primary support level is seen at $158, and a significant resistance level is seen at $166.

The chances are high for an up break above $170 and $172.  While the major target of the bulls is at $180, sellers will likely defend their run towards the $200 level.

A recent survey from the deVere Group has shown that 68% of their participants are already invested in cryptocurrencies or they will make an investment at some time in the new future. Before the end of 2022, these investors stated they would be invested in any one of the cryptocurrencies like Bitcoin, Ethereum, and XRP.

The reason for the investment is not always about the Fear of Missing out.  There are other factors which are influencing these wealthy lot to move towards investing in cryptocurrencies.

Nigel Green, the Co-founder of deVere, stated, “There is growing, universal acceptance that cryptocurrencies are the future of money – and the future is now.  High-net-worth individuals are not prepared to miss out on this and are rebalancing their investment portfolios towards these digital assets…”

Green states that the price of Bitcoin will test the $6,000 level, which will justify the overall surge in the optimism related to cryptocurrency.

When this confidence comes into place, the sky will be the limit for the growth of cryptocurrencies.  There will be an increased acceptance of the cryptocurrencies both at the retail and institutional level with a recognition of the cryptocurrency being future money.

The principle of borderless payment systems will be particularly attractive to several prospective investors. Institutional investors will bring in more of their capital and expertise to the virtual currency market.

The currency surge in the price of the Bitcoin is 40% more when compared to the price in March.  The month of May has been showing patterns of price fluctuations, but despite the price fluctuations, Bitcoin has been doing brightly.  The story is different for Ethereum though.