Bitcoin [BTC] valuation could rise to $8,400 in the coming weeks, claims notable trader Crypto Thies

The past week saw Bitcoin [BTC], the largest cryptocurrency, on a massive bull run. The coin surged past key resistance levels and surpassed the $5,000 mark for the first time since November 2018. At press time, the token was priced at $5,248.07 and witnessed a staggering 26.82 percent growth over the past seven days.

The price had since underwent price correction, reaching a consolidation range of around $5,100. According to a notable trader however, a drastically higher hike might be on the horizon for Bitcoin.

Crypto Thies, a prominent crypto trader, recently took to Twitter to list out his reasons, suggesting that Bitcoin had found support at $4,300 and $4,700, where Bitcoin’s [BTC] 200-day moving average resided, at press time.

Source: Twitter

Thies believed that BTC’s valuation would eventually drop down to $4,700, following which the coin could head upwards. Thies drew an inference from the Bollinger Bands, explaining that the indicator had started to squeeze on the one-week chart, while the moving average of the indicator remained above the two-week candle and suggested a move to a higher range, where the valuation sat at around $8,400 in the near future.

Thies listed out the resistance line of $5,500, $6,600 and $8,400, expecting Bitcoin [BTC] to test these resistances in order to breakout or surpass these valuations.

Fundstrat’s Tom Lee had recently told Bloomberg that the cryptocurrency market scenario could be officially classified as the start of a bull run. Tom Lee stated that “old whale wallets buying Bitcoin” and “a lot of positive things taking place in the industry” should propel the valuation of Bitcoin to around $14,000 in the future.

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