Bitcoin price could rise to $ 8,000 amid oil forecast to drop to $ 10

Bitcoin's bull market is here, but won't reach $ 100,000 by 2020

Bitcoin (BTC) is attempting to reverse the resistance of $ 7,000 into support on April 3 amid oil prices expected to return to $ 10 a barrel this month.

Overview of the daily cryptocurrency market. Source: Coin360
Overview of the daily cryptocurrency market. Source: Coin360

Oil may be at $ 10 in the second quarter

Data from Coin360 and Cointelegraph Markets shows that the Bicoin bull tried to push the market above the $ 7,000 mark on Thursday and Friday.

At the time of writing, all that effort was unable to regain support, with the BTC / USD pair repeatedly falling back to the high range of $ 6,000.

1-day chart of Bitcoin price. Source: Coin360
1-day chart of Bitcoin price. Source: Coin360

Bitcoin rose higher early on Thursday, as some experts predicted by the time the oil price war was over, which led US President Donald Trump to predict the price of a barrel of oil. maybe only $ 9.

Mr. Trump's latest comments on an agreement pushed the oil market soaring. Yesterday, Brent oil surged 30% in the hours before the Russian statements were in stark contrast to the upbeat tone.

Speaking with CNBC, Victor Shum - vice president of energy consultancy at insight supplier IHS Markit, warned that a drop in oil prices to $ 10 is still definitely a possibility in April.

"We expect Brent oil to drop to around $ 10 a barrel by April and likely to stay there throughout the second quarter," he said.

“There is very little chance for OPEC + to reach a deal that could save the crude oil market from COVID-19 attacks. I think any negotiation of big injuries is probably too little, too late. ”

Filbfilb: The Bitcoin bull faction is very strong

Meanwhile, for Bitcoin, prudent traders have now been making more optimistic short-term forecasts.

In a message to those who subscribe to their Telegram trading channel, CoinTelegraph's filbfilb analyst looked at the possibility of climbing to $ 8,000 as a next step for the king.

"The bulls seem to be very strong right now," he wrote.

"Assuming the closing date is the same as now, I support the bulls to run for $ 8,000."

At the current price of $ 6,9000, BTC is only about $ 300 lower than the level at the beginning of 2020, which means Bitcoin has reduced its annual loss to only 4.3%.

Readers can update BTC rates and more than 2,000+ cryptocurrencies in real time here.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. Mr Cuong.
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