Bitcoin Displays Bullish Signals: Predicted to Break Through $42K-$45K, Targeting $63K
Summary:
Bitcoin (BTC) is showing signs of a new surge, demonstrating 7% daily growth. The upward trend is predicted to continue, with Bitcoin expected to surpass the $42K-$45K barrier in the coming week, facing little resistance until $63K. Analysts are attributing this behavior to significant inflows into cryptocurrencies, echoing late 2020 market dynamics.
Signals indicating a new surge in Bitcoin's (BTC) value are emerging with the cryptocurrency showing a 7% daily growth. Information from Cointelegraph Markets Pro and TradingView predicts that this upward trend is likely to continue as on-chain metrics reset.
After reaching $44,000 this month, a cooling-off period for Bitcoin was expected. Between a dip to $40,000 and a subsequent recovery, market circumstances are looking up. Philip Swift, founder of statistical resource Look Into Bitcoin, pointed to a surge in profit-taking as BTC hit its most recent 19-month high.
Swift discussed the Value Days Destroyed (VDD) Multiple, which tracks Bitcoin selling activity per price point based on how long the reactivated supply has remained inactive. Lately, the selling has been dominated by short-term owners, the most speculative arm of Bitcoin investors.
On the BTC short-term price trajectory, some are anticipating more progress towards significant resistance closer to $50,000. Matthew Hyland, a market analyst, interprets this through the lens of the relative strength index (RSI) which currently indicates a bullish divergence from the price.
Ali, a popular social media commentator, has noted a resurgence of substantial inflows into Bitcoin and the leading alternative cryptocurrency, Ethereum. This echoes what happened in late 2020 when BTC broke past $20,000 to venture into fresh pricing territory.
BitQuant, another cryptocurrency commentator, has projected a bullish forecast for Bitcoin. In their view, Bitcoin should surpass the $42K-$45K barrier by the end of the next week, leaving no significant resistance until $63K.
This news piece does not serve as investment guidance or suggestions. All investments and trading activities involve risk, therefore, visitors must carry out their own due diligence before making any decisions.
Published At
12/14/2023 12:20:00 PM
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