This is How & When Bitcoin (BTC) Price Will Hit $50k

Bitcoin

After being rejected at the 200-day moving average line in the $48K range, Bitcoin’s price surge stalled.

Since the MA200 rejection, the price has fallen lower and is currently retesting the 50-day and 100-day moving average lines. These MAs have also recently printed a bullish cross, with the 50-day MA crossing above the 100-day MA.

The $42K level, which is also a strong horizontal support level, is currently holding the price. After a bullish breakout a few weeks ago, this level was resistance that converted into support.

If this region fails to support the price, a retest of the $36K zone is a distinct possibility.

If the price bounces off this support level, the $48K zone and the 200-day moving average will almost certainly be retested. 

How long will BTC take to skyrocket

Since its swing high of $48,238 on March 28, bitcoin’s price has dropped about 12%. BTC is currently trapped between the $42,076 support level and the $40,490 to $42,316 demand zone.

An upswing is a high probability outcome due to the 50-day and 100-day Simple Moving Averages (SMAs) within this confluence.

The following rise is expected to boost Bitcoin price to $44,580; clearing this hurdle fast would allow bulls to put their strength to the test by breaking above the 200-day SMA at $48,248.

There’s a good probability Bitcoin price may target a retest of the $50,000 psychological level if purchasing demand is strong enough to overcome this important barrier.

By hitting the $52,000 threshold, such a development will also open up the possibility of greater profits.

This run-up to the level described above would be a 21% increase, and it is likely where the giant crypto’s upside is restricted.

While the fundamentals of the Bitcoin price point to a bright future, the technicals don’t agree.

As a result, if the daily candlestick closes below $40,490, the bullish thesis for Bitcoin will be invalidated, opening the way for a further decline to $34,752. 

Download our Android app, never to miss the latest news

Get it on Google Play

Original Source : coinpedia.org

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.

Want to know how to start investing in Cryptocurrencies and Stocks? Click here and get more information about the top investing platform available.

If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you

Subscribe

* indicates required