Bitcoin and the entire cryptocurrency market have been on the rise over the past few days. Sellers could not gain serious ground against buyers as the cryptocurrency’s uptrend continues.
Where the next market trends will be will undoubtedly depend largely on whether BTC is maintaining this momentum, as it could lead to a new wave of parabolic expansion.
Next target for BTC could be $ 55K
One analyst shared his thoughts on the short-term outlook for BTC, claiming that it is likely to rise to $ 55,000 in the short term, a potential resistance level.
Bitcoin is currently trading marginally at $ 46,400. This level is where the cryptocurrency was traded over the past day.
The bulls are putting a steady buying pressure on crypto, indicating that it is entering a new parabolic phase of growth. Each bottom has been bought aggressively in the last 24 hours, and this is a positive sign for the short-term outlook of the coin.
Will Bitcoin be able to exceed $ 50,000?
As an analyst shared his thoughts on the short-term outlook for Bitcoin, he explained that he expects to see a move in excess of $ 50,000. He notes that this increase may be the result of a recent range break.
— George (@George1Trader) February 9, 2021
The next few days may shed some light on the significance of this latest rally for Bitcoin’s mid-term outlook, as the next parabolic leg may signal that it will start higher.