The current bull rally is expected to withstand the correction phase strongly and head towards the next levels in coming days
Bitcoin Price Historical Bull Rally
The flagship cryptocurrency, Bitcoin surged above the USD 50,000 level today again before correcting lower. It is currently consolidating gains above the USD 49,000 support level and is showing positive signs.
At Press time, Bitcoin price is $50,591.25 USD with a 24-hour trading volume of $78,016,575,734 USD. Bitcoin is up 2.96% in the last 24 hours.
Bitcoin price rally setting new milestone every new day, since Tesla’s balance sheet showcased more than a billion investment in bitcoin. Despite repeated rejections at $49,000, the asset managed to breach the upper resistance and trading comfortably close to $50,000.
The BTC price is halfway mark to attain the milestone of 6-digits which is expected to happen anytime. According to one of the popular analysts, Lark Davis, Bitcoin will be 6 digits in 2021, which is imminent.
He also predicted the Ethereum price will be a 5-digit very soon, and no factor can stop the rally from reaching the heights. However, the prime focus currently would be whether the crypto space will uphold the price above $50K or else dump the price by extracting the profits?
A Minor Correction may be Incoming!
Bitcoin price is currently trading surrounding the levels at ATH. It rallied very close to $50K just touched the milestone and suddenly trembled down. However, the bullish momentum appears to be intact as the price despite correction is heading strongly towards $50K.
As it happens with any crypto-asset, a minor dump or retracement may be expected as the BTC price smashes the levels yet again. According to an analyst InvestPro_India, the price is expected to revisit $47K odd levels as it smashes ATH above $50K.
As per the chart put up by the analyst, the retracement to $47K is expected to be short-lived as the bull rally may head towards $50K yet again.
Collectively, the Bitcoin price rally appears to be in a significant phase where the bearish divergence may become a barrier. Yet the bitcoiners and the whales need to push the price above the milestone of $50K.