The Bitcoin price demonstrated a prompt bullish response to the escalation of the US-Iran conflict surging and reacting as a safe haven. However, when further escalation didn't appear on the horizon, the price went back below $8,000. At press time, Bitcoin is trading at $7,700.
The crypto analyst believes that if the price of the major cryptocurrency remains at its current level, it is likely that it can reach $9,500.
The bulls could take BTC to $9,500
Analyst @CryptoMichNL believes there are two possible scenarios in which the Bitcoin price may follow from its current spot on the charts. The first one is bullish – if BTC can hold the current level of $7,751, then it could later surge towards $9,500. To achieve this, several psychological levels between $8,000 and $9,000 would have to be overcome.
Another option is that failing to stay at the current price mark, Bitcoin could start dropping towards $6,400 or $5,800. The analyst also gives a similar prediction on the ETH price here.