With support forming in the $ 50,000 area and the bitcoin price crossing the $ 54,400 resistance, experts believe that the bitcoin price could rise to $ 70,000.
to the the report Coin Telegraph, the price of Bitcoin yesterday managed to cross the $ 52,000 resistance barrier and is currently only 6% away from its historical peak.
Tradingview data show that bitcoin rose to $ 54,500 yesterday.
The King of Digital Currencies is currently consolidating its channel price between $ 50,000 and $ 54,500. The price of Bitcoin fell to $ 53,000 in the last few hours, but is still trading above its key support.
Analysts say the $ 52,000 area is crucial to determining Bitcoin’s future uptrend.
On Saturday and Sunday, the price of Bitcoin increased significantly by 8%. Starting this week, the $ 50,000 range continued to be a strong support. Earlier, $ 47,000 support was one of the most important and strongest bitcoin price supports.
Holger Zchaepitz, a digital currency trader and market commentator, wrote to his followers on Twitter:
Goldman [ساکس]علاقه says institutional investors’ interest in Bitcoin has made the current trend different from the 2017 trend that resulted from the activities of small investors. Most demand from institutional investors revolves around fears about the devaluation of assets.
Goldman Sachs reported that 40 percent of their customers are somehow in other digital currencies.
A goal of $ 70,000
On Monday, after the announcement of the purchase of bitcoin by one of the companies owned by one of the richest Norwegian citizens, the outlook for bitcoin became even higher.
Kjell Inge Røkke, President of Aker, wrote in a letter to his shareholders:
Bitcoin can be verified, broken down into smaller pieces, merged into smaller units, stored, and transferred virtually free of charge. Bitcoin design has made it a great rare digital asset.
All you have to do to run Bitcoin is get the cheapest electricity in the world. Power provides network security. No side needs to be trusted and no weapon is needed to protect it. Bitcoin means “progress” to me.
On Monday, bitcoin investors saw a bullish signal in the market. This signal was seen on the divergent moving average (MacD) diagram. Earlier, in the February jump to a historic high of $ 58,300, we saw a similar signal.
Philbfilb, a leading Bitcoin market analyst, called the target a “voice of destiny” on his Telegram channel, referring to the $ 70,000 (and more) price target for Bitcoin. He used Fibonacci corrective levels in his analysis.