June 22, 2021

A Move to $50,000 is “On the Table” for Bitcoin as Bulls Defend Key Support

2 min read
  • Bitcoin has actually seen some mixed rate action as of late, with bulls struggling to defend the cryptocurrency versus a break listed below $40,000 as bears try to reverse its momentum
  • The crypto’s capability to hold above this level is promising, however it remains unclear regarding the length of time it will hold
  • If bulls can turn this previous resistance level into assistance, it could show to be a strong base for the crypto to grow upon in the near-term
  • One trader is now anticipating a rally up towards $50,000 in the near-term, noting that the selling pressure has not yet been considerable enough to reverse its short-term uptrend

Bitcoin has been captured within the throes of a short-term combination stage throughout the past number of days.

Where the marketplace patterns in the mid-term ought to depend mostly on whether or not bulls can hold the $40,000 level as support.

It has attempted to press into the mid-$40,000 area on a couple of occasions, however each time has resulted in rejections.

One trader is now keeping in mind that he totally anticipates it to see a move up towards $50,000 in the near-term, which could happen rather rapidly if its combination pattern continues.

Bitcoin Consolidates at $40,000 as Bulls Try to Gain Edge Over Bears

At the time of composing, Bitcoin is trading up marginally at its present price of $40,500. This is around the price at which it has been trading throughout the past few days.

Bulls have actually tried out a couple of occasions to press the cryptocurrency into the mid-$40,000 region, where its all-time highs currently sit, however each effort has actually been consulted with intense selling pressure.

A strong relocation higher could allow the entire market to rise, extending the parabolic momentum seen by both BTC and large altcoins since late.

Analyst: BTC Likely to Reach $50,000 in Coming Days

While sharing his ideas on where Bitcoin may trend next, one expert described that he is looking for a move up towards $50,000 in the near-term.

He keeps in mind that even a sharp pullback will likely be followed by significant benefit due to the market’s present bullishness.

“The primary price points I’m viewing. While above, 45k and 50k psychological short-term are on the table. Regarding the higher timespan, regardless if we get a sharp pullback we can see an extension higher. If 20k breaks then I’ll reevaluate.”

Bitcoin

 Image Courtesy of AMD Trades. Source: BTCUSD on TradingView.

The coming couple of days ought to offer insight into where the entire market will trend next and whether or not Bitcoin will even more extend its parabolic momentum.

Included image from Unsplash.
Charts from TradingView.