BTC/USD successfully closed above the trend line joining 9948.98 and 6510 on Monday and is currently trading at 6626 levels at press time. (Bitstamp).

On the upside, the pair faces immediate resistance at 6775 (4h 200-SMA) and a break above would then target 6913 (Upper Bollinger)/7000. Further strength would test 7113 (50-DMA)/7372 (38.2% retracement of 9948.98 and 5780)/7500.

On the flipside, short-term support is seen at 6450 (1h 50-SMA) and a break below would target 6388 (20-DMA)/6264 (10-DMA). Further weakness would drag it to 6000/5920 (February 06 low).

Momentum studies: On the daily chart, RSI is at 50, stochs biased higher with bullish divergence and MACD line above the signal line. Watch out for a decisive break above 4h 200-SMA for further upside in the pair.

What experts are saying

Experts are having conflicting views on the future of bitcoin price. Japanese economist Yukio Noguchi believes that the introduction of the futures market has driven down bitcoin price significantly and said:

“Because it’s now possible to trade on bitcoin futures you’ll never see a rapid surge again” (as quoted by Bitcoin.com)

According to Jordan Belfort, better known as the “Wolf of Wall Street”, bitcoin is based on the “Great Fools Theory”, CNBC reported. He said:

“There's no fundamental value [with bitcoin], it's all based on the next guy and the next guy," he says. "Get out if you don't want to lose all of your money because ... there's a very good chance it's going to crack. And when it really cracks, you're not going to be able to sell on the way down, there will be no liquidity."

However, crypto enthusiasts believe that bitcoin’s journey is still at the beginning. Arthur Hayes, the co-founder and CEO of BitMEX, expects bitcoin price to eclipse the all-time high of near $20,000 seen in December 2017 in the forthcoming months, ShortList reported.

According to Hayes, the plunge seen in bitcoin price in the first half of the year is a “correction.”

“Something that goes up to [around] $20,000 in one year can have a correction,” he said. “We could definitely find a bottom in the $3,000 to $5,000 range. But we’re one positive regulatory decision away, many an ETF [Exchange-traded fund] approved by the SEC [U.S. Securities and Exchange Commission], to climbing through $20,000 and even to $50,000 by the end of the year.”