It has been exactly one month since the last update of the Bitcoin historical maximum. During this time, the main cryptocurrency tried several times to beat this number, but this did not happen. The BTC has even fallen below $50,000. We’re looking at a price line from $48,000 to $58,000-$60,000, where the BTC can’t get out. In our weekly forecast, we will figure out the chances of BTC this week.
BTCUSD Forecast
Let’s start with, perhaps, the main thing: in recent months, price ceilings have been rising during the correction. Since the $40,000 breach, each new decline has not updated the bottom line: $44,000, $52,000, and $56,000. This tells us that there are no sellers below these levels, and that buyers make these marks for purchases. Since the value of assets depends directly on the balance of market demand and supply, as well as on trade algorithms that automatically buy and sell where the creators need them, the logical conclusion is that no one is going to sell. However, Bitcoin is very hard to get past the $61,000 level, from where it is immediately dropped, and impulsively enough. And yet, by bouncing off a support range of $56,000 to $57,000, and then successfully winning $59,000 and becoming established, Bitcoin gives hope to traders that ATH will soon be upgraded. All that remains is to overcome the stubborn level in the $61,000 area, which remains the only resistance to date.
As far as fundamental developments are concerned, and more precisely the background of Bitcoin, everything is still very positive. There is a variety of analytical evidence that points to a continuing outflow of crypts from the stock market, the accumulation of miners, the emergence of new bitcoin-based instruments such as microprocessors on CME, ETF and others, and the opinion of analysts in major investment banks that that we’ll soon see BTC at $90,000 and higher. In addition, rumors are circulating around the market that Wallmart bought the BTC for a large sum. All that information background can tell us is that Bitcoin is expected to continue to grow.
The forecast for the BTC is the same as it was three weeks ago – a resumption of the price rally and reaching a level of $70,000.