CryptoWatch: Bitcoin analyst says a major rally for the asset may be on the horizon

Bitcoin prices rose early Tuesday as the virtual unit extended the previous session’s sharp rally.

Monday’s gains were the largest in a single session for the No. 1 digital currency this month and saw it home in on the $7,000 area, a level closely observed by chart watchers as a sign of bullish momentum.

“The price is trading at $6715 and year to date it is down nearly 53.07%. However, I do think that the tide is about to turn for bitcoin and it won’t be long before we see a major move,” wrote Naeem Aslam chief market analyst at Think Markets U.K.

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