Bitcoin [BTC] prices are susceptible to a variety of speculations. Whenever something like stolen Bitcoins or exchanges regulation issues take centre-stage, prices undergo major pull backs or price corrections over the time period.
The latest example of the same is the hack on Binance which cost the exchange 7000 BTCs worth around $41 million.
However, according to an analysis conducted by Tone Vays, the incident has hardly affected the price of Bitcoin [BTC].
Tone Vays, a prominent crypto analyst, mentioned that the weekly and monthly charts had been quite bullish in the wake of the event. He pointed out that the candle on May 9, ended with bullish characters.
Moreover, he mentioned that if Bitcoin managed to stay above the resistance of $5800 for the next 2-3 days, the Bitcoin market will witness another leg of price surge over the upcoming period.
Tone Vays additionally informed that Bitcoin [BTC] had not witnessed a major pullback of prices since the coin started rallying from the last time Bitcoin [BTC] crossed $3200, which was around early February 2019.
He suggested that the last two 9 candles had ended on a high and he predicted a continuing trend. However, he implied that since a major pullback did not surface between the resistance of $5100 and $5400, the “probability of a major pullback” was now higher since Bitcoin [BTC] was over $6000.
Predictions aside, Bitcoin [BTC] price valuation is still subjected to major volatility and the correct market trend cannot be confirmed beforehand.
Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing.