The cryptocurrency market continues to see an unprecedented expansion. The entire cryptocurrency market has rallied upwards, seemingly without taking any breathers. After a short correction to just over $50,000, Bitcoin has continued to rally. The largest cryptocurrency continues to shatter all-time highs as it moves toward $60,000. There seems to be no stop in sight for the bulls who have been leading the price evaluation of Bitcoin and other alternative currencies since Elon Musk announced a $1.5B purchase of Bitcoin through his company, Tesla. According to Businessinsider, Bitcoin miners made over 11B in profit through their efforts in the past month.
With demand seeming to continue to increase in an extraordinary fashion, the Bulls will most likely have the market in their grasp in the coming week. Given the massive price rallies Bitcoin experienced in the last week, a bit of downside volatility is to be expected. However, the story will most likely remain the same as Bitcoin has a higher likelihood of challenging new all-time highs once again, rather than selling off for an extended period of time.
Traders should look for consolidation around the mid $50,000’s, if Bulls are successful at defending the range above $52,000, the market continues to climb on the back of Bitcoin which has a higher chance of going toward $60,000 by the end of the week.
Below you can find a chart of one technical scenario you could expect for this week's Bitcoin price.
With demand seeming to continue to increase in an extraordinary fashion, the Bulls will most likely have the market in their grasp in the coming week. Given the massive price rallies Bitcoin experienced in the last week, a bit of downside volatility is to be expected. However, the story will most likely remain the same as Bitcoin has a higher likelihood of challenging new all-time highs once again, rather than selling off for an extended period of time.
Traders should look for consolidation around the mid $50,000’s, if Bulls are successful at defending the range above $52,000, the market continues to climb on the back of Bitcoin which has a higher chance of going toward $60,000 by the end of the week.
Below you can find a chart of one technical scenario you could expect for this week's Bitcoin price.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.