The Bitcoin price has recovered 5% this morning and is knocking on the door of $50,000. And this time, the conditions look right for BTC/USD to clear it. Now, Bitcoin is down 22.72% from its all-time high of $64,863 reached on April 14.
However, $51,000 remains the level to beat in order to cement a continuation of the 2021 Bitcoin bull run.
Bitcoin Price to hit $100K by Christmas!
Popular Analyst Plan B in a recent tweet made a medium-term bullish thesis for Bitcoin. He says the stock-to-flow model predicts for BTC to hit $100K by Christmas.
In a reply to the tweet, trader, investor Jason Williams said, ” Lol I need #Bitcoin to hit $300k by December 31st, 2021 or my Twinkie’s are going to expire!”
Adding to the thesis is another analyst called Crypto Capo. He says, even if Bitcoin slides down to $38K-48K level, it will have a mega bullish rally right after.
However, As for the technical indicators, On the 4 hour chart, the RSI is flashing neutral with a value of 57.36. Whereas 13 out of 15 moving averages flash a buy signal.