Old is gold and Bitcoin is considered gold among all cryptocurrencies. With strong support at $ 44,000 and $ 46,000, one needs to take minimal risk to scale another uptrend in this cryptocurrency. Bitcoin has not seen any new developments at the fundamental level, but being viewed as digital gold is helping it to make new highs.
Analysts put unrealistic targets of $ 250,000 to $ 400,000, but that’s too long-term. These derivations only depend on the latest generation blockchains having lower gas fees, higher scalability, and transaction speeds.
At the price analysis level, the movement is too strong and one shouldn’t wait for the profit to be posted to get started. We have seen in the last few months that profits have fallen by more than 70-80%. Hence, for your holding skills, you should jump into the blockchain.
Bitcoin price analysis
Bitcoin replicates the price movement of its counterpart, ether. There have been some internal developments in Bitcoin that helped break the $ 50,300 level. Maintaining this price range can help Bitcoin get into a new round of rallies!
Strong support: $ 46,000
Upside goals: $ 64,000
200 DM: $ 46,303
On the daily charts, Bitcoin has strong support and a higher moving average of 200 days. All indicators, be it MACD and RSI, are strong at current levels. The RSI is trading in a bullish zone and trading near the overbought zones. MACD has yet to deliver a bullish crossover, indicating a slight upward move of 20% – 30%. The bearish crossover that occurred in mid-August did not result in a profit posting and instead was washed away in a consolidation zone.
In the case of a strong profit booking, there is a support at $ 37,500. Based on our BTC price prediction, one should not sell in an uptrend market nor invest in a falling market. Wait for the consolidations to take effect.