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Digital currency market may have hit rock bottom earlier this year, but some indications has shown that the coming months promise to be better. Bloomberg analysts believe this is possible and give reasons to back their prediction.
The Reverse Head And Shoulder Pattern
From the daily chart, BTC has formed a technical pattern that may see the currency go as high as $53,000 at least. The “reverse head and shoulder” pattern is usually seen at the end of a bearish rally.
According to the analysis from Bloomberg, the pattern on the chart could be a sign that the cryptocurrency is about to surpass its previous record. The analysis suggests that the potential price target for the world’s famous currency could be #53,000. First, the coin has to overcome the neckline resistance.
Breaking The Neckline Resistance
It is not sure if BTC will overcome the neckline resistance. Currently, the reading volume is still lower than before as investors are not putting their funds back into the market. Also, the relative strength index is around the neutral zone, which shows huge market potential for growth.
The currency has been in a correction state for the past three months, only recording an 18% increase recently. Such a great hike could put the price increase at about 53%. Reaching $53,000 will mean moving away from the correction, but this is still 20% lower than its highest price of $69,000.
Further expounding on the factors that will drive bitcoin’s comeback, the report cited early adoption and limited supply of Bitcoin. These are key factors responsible for the upward movement of the cryptocurrency from time to time. Although new digital currencies are flooding the crypto market, BTC still has the upper hand since it is not as unpredictable as the new coins. As a result, investors are more likely to adopt Bitcoin.
Other Cryptos To Watch Out For
Moving forward, Ethereum is another asset that is predicted to have a bullish season. One quality that gives ETH the upper hand is that most Stablecoins are built on the ETH network.
According to the news website Bloomberg, the recent demand for crypto dollars has helped increase the price of ETH. It seems there is a strong relationship between the price of ETH and the spread of crypto dollars.
As the crypto market continues to fluctuate, Bitcoin may not be spared in the future if any bloodbath should occur. Still, Bloomberg believes that Bitcoin will continue to dominate the market as its grip gets stronger with time.
At this post, Bitcoin is trading at $44,290, with a price increase of 4.11% in the last 24 hours. The currency has a trading volume of $25,196,699,344 with gains of 25.67%, as seen on CoinMarketCap. After reaching its most significant height (69k) in November last year, the cryptocurrency might be on the verge of creating a new record this year.
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