Bitcoin (BTC) could be on the verge of re-attacking its ATH above $ 34,000. BTC is moving in uncharted territory, however, so forecasts should be taken with a grain of salt. This analyst remains very cautious, situating the area to be defended for a continuation of the bullish rally, at half the current price of BTC.
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We retry the 34,000 USD
Bitcoin bottomed at the $ 30,000 level today, Jan.5, 2021, before starting to climb to $ 33,500. The BTC is trading at $ 33,512 at the time of writing.
Bitcoin Currently registers a daily gain of 7%, which is a daily profit of $ 2,181.
Bitcoin dipped below $ 29,000 yesterday, Jan 4, 2021. The bulls were able to raise the bar, avoiding a large daily red candlestick.
This decline occurred after the BTC hit a new ATH at the $ 34,800 level, just 17 days after Bitcoin crossed the $ 20,000 mark.
On the way for the 42,000 USD
For Michael van de Poppe, the bulls must defend the 21 week moving average as support, to ensure the continuation of the bullish rally. This moving average is currently at the 16,000 USD level.
This moving average should however rise in the coming weeks; it could set the floor for a correction at $ 20,000.
For van de Poppe, Bitcoin could unsurprisingly rise to $ 76,000 in 2021 given bullish indicators.
The $ 30,000 remains a major support in the short term. If broken, a drop to the area of $ 27,000 – $ 27,500 is likely.
By crossing the $ 32,300 – $ 32,800 zone, the BTC could target in the short term the 38,000 USD and the 42,000 USD.
We talk about the 76,000 USD, just as we talk about the 16,000 USD: all the possibilities are put on the table, none are excluded. Markets appear not to have panicked despite the 15% drop that took BTC below $ 29,000 yesterday. The bulls are showing signs of an attack on Bitcoin’s current ATH. If they are successful, we begin to see the sequel: further parabolic hikes followed by fears of a major correction.
Litecoin, welcome in the Silver Age