BitcoinPrice Analysis

While The Bears Haunt The Bitcoin Price Rally, Yet $110K Seems Achievable

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Highlights

    Bitcoin price after a couple of rejections above $49,000 slid down around $47,000 and consolidating well

    Many believe the price is expected to revisit lower levels below $44,000 as the bearish trend prevails around the rally

    Despite the bearish predictions, yet some indicators do point out a gigantic rally smashing more than 110K

Bitcoin price is swinging around $47,000, attempting very hard to prevent further drain. After a notable dip from the levels around $49,318, a healthy consolidation keeps the hopes for an uptrend alive. Despite multiple bearish predictions, yet the BTC price is could hit levels above $100K very soon.

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With the Fibonacci extension levels applied to the daily BTC chart, the possibilities of the price jumping to $76K in the coming day’s surfaces. One of the popular analysts, TradingShot predicts a longer run for the asset. As per the prediction, the price could hit more than $110K by the end of 2021.

btcfib

The analyst points out the support and volatility at the Fib levels. Considering the previous levels, in May 2020, when the volatility was at 0.5 Fib, the price rose to form new support levels at 1.0 Fib. Further, the volatility was around 1.5 Fib and the support levels jump to 2.0 Fib levels. 

During the peak of the BTC price rally at $64,000, the volatility resided at 2.5 Fib levels but the support flipped down to 2.0 Fib levels. As the price is bouncing back, the volatility is again at 2.5 Fib levels and the next support would be at 3.0 Fib levels which comes around $72,000.

Collectively, Bitcoin price is currently eyes for a notable surge. This could add up nearly another 15% to hit the ATH very soon. But the speculated dip which could drag the BTC price close to $44,000 cannot be ruled out. Discarding all the odds, yet the price could propel to its highs above $100K by 2021 or early 2022. 

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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.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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