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Old is gold, and Bitcoin is considered gold among all cryptocurrencies. With strong support at $44000 and $46000, one has to take a minimal risk to scale further uptrend in this cryptocurrency. Bitcoin hasn’t had any new developments on fundamental levels, but being considered digital gold is helping it scale new highs.
Analysts are giving unrealistic targets of $250000 to $400000, but that is too long term. These derivations depend only on the fact that the latest generation blockchains have lower gas fees, higher scalability, and transaction speeds.
On price analysis levels, the movement is too strong, and one should not wait for profit booking to make an entry. We have witnessed profit bookings to last months dropping values by more than 70 – 80%. Hence, you should enter into blockchain at your holding capabilities.
Bitcoin Price Analysis
Bitcoin replicates the price action of its counterpart, Ethereum. There have been some internal developments in bitcoin that have helped breach $50300 levels. Sustaining this price range can help Bitcoin enter a fresh round of rallies!
Strong Support: $46,000
Upside Targets: $64,000
200 DMA: $46,303
On daily charts, Bitcoin has strong support and a higher moving average of 200 days. All indicators, be it MACD and RSI, are strong at current levels. RSI is trading in a bullish zone and trades close to the overbought zones. MACD has not yet delivered bullish crossover, which indicates an easy 20% – 30% up move. The bearish crossover that happened in mid-august failed to create a profit booking and instead got washed away in just a consolidation zone.
In case of a strong profit booking, there is a support at $37,500. Based on our BTC price prediction, one should not sell in an uptrend market, and neither should invest in a falling market. Wait for consolidations to take action.