The cryptocurrency market just finished an excellent week, generating even more optimistic expectations for the future. To find out what could happen to the price of Bitcoin in the near future, we publish a weekly forecast below.
At the time of this reaction, BTC is trading at $ 55,400, accumulating a gain of 0.84% in today’s session and 13.43% in the last 7 days.
Bullish forecasts are reaffirmed
Analysts are now more confident after rising prices confirmed that the trend has resumed.
Analyst Minkyu Woo shows us 2 metrics where we see that the current scenario is quite similar to where Bitcoin went from 20K to an all-time high of 64K.
The measures are: ratio of stablecoins to short-term holders. The two are starting a dynamic that for Minkyu could take us to 100k before the end of the year.
The long-term prospects are much more encouraging today than they were 4 years ago. And it is that currently the amount of BTC in the exchanges is as low as it was at the beginning of the bullish rally of 2017.
But unlike the previous rally where more and more coins were deposited in the stock exchanges, in this one the opposite happened. And although there is less liquid supply in the markets when demand increases, only one thing can happen.
Brief review of Burak Tamaç. Source: Crypto Quant.
Weekly Bitcoin Forecasts Based on Technical Analysis
In the weekly chart, we can see how the price managed to resume its medium-term trend, after reaching support close to 40K.
Today the momentum is building and it is very likely that it will spread further before giving way to a correction.
The target for next week is 58K, remaining resistance before the start of the big setback of the last few months.
Looking at the bigger picture, we understand that the current gains are part of a much larger momentum, which should drive the price to new all-time highs well beyond the previous one. But it may take more than a week.
Daily chart analysis
To make the weekly forecast more accurate, let’s take a look at the daily Bitcoin chart.
BTC is hampered by resistance at $ 55,816. If it manages to break through in the next few hours / days, which is highly likely so far, then the ground would be clear to resistance at $ 58,976, which may be a good target for this week.
Also keep in mind that the pullback that the price made in recent days was not healthy enough. For this reason, if support is lost at $ 53,785, we would see a larger correction to perhaps $ 52,663. Lower, the next support is at $ 48,500.
Either way, the dominant trend is bullish, and if it falls, demand from those who benefit from low prices will quickly resume the previous direction.
Weekly Bitcoin forecasts based on technical analysis. Source: TradingView.
All of our posts are informational in nature and should not be construed as investment advice in any way.
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