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Bullish Bitcoin Price Predictions – BTC bulls Aim Towards the $50k Mark!

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On Friday, major cryptocurrencies displayed mixed patterns, indicating that they are entering a consolidation phase. There is optimism that bullish momentum may be returning after last week’s market fall, with the world’s largest cryptocurrency trading at $48,578 at the time of writing. In comparison to the previous day, the overall crypto market cap climbed by a percent to $2.17 trillion. 

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Despite strong support, Bitcoin price has been battling to hit $50,000. Although the bulls have tried and failed on several occasions to build enough purchasing pressure to break $48,000, they have finally succeeded this time. Bulls gained a significant amount of ground after passing $47,000, with resistance shifting up towards $50,000.

Also Read : Cardano Outpowers Ethereum Prior to Cardano Summit! Officials Say ADA Price Will Skyrocket!

It’s worth noting that Bitcoin’s inability to close above $50,000 on a consistent basis indicates that it’s now suffering from underlying weakness. However, the coin’s probable resistance levels are $52,000, $54,000, and $56,000, while important supports are $43,000, $41,000, and $39,000, as the technical indicator Relative Strength Index is currently hovering above the 60 levels.

$100K is Real!

Mike McGlone, the chief commodity strategist at Bloomberg Intelligence, believes bitcoin will surpass $100,000 before the end of the year, noting that bitcoin has a consistent average annual price growth, contrary to common belief. 

McGlone indicated in his tweet that Bitcoin is anticipated to make a “big increase in 2021,” maybe reaching $100,000.

According to Cathie Wood, CEO of ARK Invest, the bitcoin price could reach $500,000 in the next five years. However, she feels that a few of significant industries must use Bitcoin in their financing for Bitcoin to reach such a milestone.

Also Read : ATOM, LINK, XTZ, ONE Price Programmed To Spike In The Coming Few Days!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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