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Bitcoin May Make a Bull Run Towards $64,000, TradingShot Analyst Says

Bitcoin may see a bull run in the coming weeks with price hitting as high as $60,000 to $64,000. An independent analytics firm, TradingShot, known for predicting Bitcoin’s previous close above $50,000, noted the new $60k bullish prediction.

The firm noted that BTC/USD has been trading inside an Ascending channel range, defined by an upper trendline resistance, a median, and lower trendline support.

Bitcoin fractal pattern

Their analyst noted a fractal pattern. They noted that Bitcoin, as of late, pulls back after testing the channel’s upper trendline to test the median line as support. Then, the coin breaks into a support base, before surging upward to retest the median as resistance.

Since the year started, Bitcoin has maintained this pattern. The benchmark cryptocurrency earlier bounced off the support base after correcting 21% from the channel’s upper trendline above $58,000.

TradingShot noted that a surge above the median line would put the coin on its way to testing the channel’s upper trendline. This could also occur as the cryptocurrency’s Relative Strength Indicator forms higher lows. At higher lows, there is a higher number of people buying the dip, creating room for further accumulation.

The analyst wrote:

All the parameters suggest that based on that Channel Up, the price has most likely found its medium-term Support. If the 4H MA50, but more importantly the Channel’s median, break, then an aggressive path may open towards the $60–64k zone. However, if the price gets rejected on or below the median, the Support base will most likely get tested again where consolidation below the median may follow for around 10 days until it breaks

What fundamentals show

It appears that since the pandemic began, Bitcoin has been in a constant struggle to maintain a bull run. The king cryptocurrency rose 1,200% in 11 months. In March 2020, the coin was at $3,858. By February 2021, it had already hit a whooping $58,000.

The US bond-buying policy and near-zero interests rates are contributing factors to the price rally of the coin. The dovish outlook of the US Treasury bonds drove investors to put their money in riskier assets, Bitcoin being one.

Also, the US dollar index was also pushed 12% down by the printing of trillions of dollars in stimulus. Investors rushed to Bitcoin for its gold-like anti-inflation status.

However, as bond yields recover to the levels they were before the pandemic, analysts fear that Bitcoin may experience a big downside correction.

Ben Lilly, an independent cryptocurrency analyst said in his Substack newsletter, Espresso:

That’s because as yields go on a run, then money will flow into government bonds, which also means the U.S. Dollar Index (DXY). These two types of flows can hurt bitcoin and crypto, as we saw late last week.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts, Technical Analysis

Via Commodity News https://bit.ly/2OA2lVq

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