Last week, Bitcoin fell and prices dropped along with the $ 50,000 level. This situation opened up another space for investors to buy from the bottom. In the near term, the bulls are well prepared to move the market to a new price level. This was noted by Analyst Filbfilb, who explained that Bitcoin was on the verge of a major break in the latest market update.

 

 

A strong break

Last week, Bitcoin fell and prices dropped along with the $ 50,000 level. This situation opened up another space for investors to buy from the bottom. In the near term, the bulls are well prepared to move the market to a new price level. This was noted by Analyst Filbfilb, who explained that Bitcoin was on the verge of a major break in the latest market update.

After Coinbase announced that it will go public on the 14th of this month, selling pressure may force Bitcoin to correct downward before the bullish surge begins.

Filbfilb uses the following statements on the subject:

“As the weekend approaches in the middle of an eventful week; It’s hard not to be optimistic. I don’t think we are going to break up so brutally, but I think we are on the verge of a strong break. ”

When Bitcoin hit $ 20,000 for the first time, a jump to new highs followed. This pattern continued for weeks until Bitcoin finally broke $ 50,000. It is very important to note that the same model can repeat itself with Bitcoin at $ 60,000.

Filfilb estimates that in the long run, when the bear market weakens, the bulls can increase the price to at least $ 70,000. Keeping up with this traction could send Bitcoin for $ 95,000 later. Whether this price mark will continue until the end of the year depends entirely on market activity. However, we must not forget that there is still room for Bitcoin to move higher.

See Also
Did the recent Bitcoin drop give the opportunity to buy from bottom?

“The long-term view is that we continue to test the upper quadrant of the logarithmic channel, which will see that the duplicate fib extension channel takes us to $ 70k and $ 95k.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here