It Is Not Time to Sell Your BTC: Analyst Say Dips Likely to Be Limited
Yesterday, March 13, Bitcoin price smashed past $61,500 price level to reach a new
This past week, the coin steadily rose above the $55,000 resistance against the dollar. Then, the BTC/USD pair broke the $58,000 level and settled above the 100 simple moving average (4-hours).
The uptrend gained momentum above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There is strong indication that $58,500 and $60,000 are the current resistance levels.
The price is currently correcting below the $61,000 level. The first support level is near $60,000. The key bullish trend may allow the support to fall further to $58,000. Any more fall may cause a support around the $58,000 and $57,2000 levels.
On the upside, a break above $61,500 and $61,800 resistance levels will be a win for the bulls. As soon as BTC moves past $61,800, a rise to $62,500 should be expected.
The next major resistance level is $65,000. The bulls may have a hard time holding on to the market. But if the price moves higher, the expected resistance level in the near term would be $68,000 and $68,5000.
Do not sell
As the BTC price continues to enter discovery, indicators show the price has not yet peaked.
Glassnode
He said in a tweet:
A Bitcoin price increase while NUPL remains stable is healthy. Indicates that the market cap is not rising at an excessively faster rate than profit taking and new capital inflows. Not the top, we haven’t even crossed .75 into the greed/euphoria zone.
In addition,
PlanB, author of the popular
In corroboration, data from Skew Analytics show that the probability of Bitcoin touching $100k by the end of the year is 20%. There’s also an 18% chance that the pioneer cryptocurrency may hit the $100k mark earlier by September 2021 as shown by the gray line.
If you are looking for a reason to hold, Max Keiser’s prediction remains at $77,000 in the near term. Also, according to him, we should expect a $220,000 price by the close of the year.
BTC has continued to gain momentum since the end of last year. It is expected that the incredible gains of this first quarter will be replicated in the remaining quarters.
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
Labels: NASDAQ, United States
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