Bitcoin is on track to hit $ 65,000

TradingShot, an independent transaction management business, has made a statement that BTC could completely hit the $ 65,000 mark in the coming months. In a favorable case, BTC will probably be ready to break the $ 70,000 threshold.

Bitcoin is on track to hit $ 65,000

TradingShot's method of analysis is based on a technical segment - the so-called Fibonacci Channel, which predicts last year's Bitcoin price patterns. This unit has applied a similar forecasting model to identify the next potential move of the cryptocurrency, accompanied by similar spells that seem overly bullish.

Bitcoin on the rise

According to recent analysis, the movement of BTC is encapsulating within the limits of the Fibonacci Channel, both support and resistance levels. According to TradingShot research, the range limit is drawn with parallel lines in the opposite direction, respectively: 0, 0.382, 0.5, 0.618, 1.0, 1,382, 1.5, 1.618 and 2 , 0.
Screenshot 2021 02 17 at 10 57 29 AM 980x417 2x

Based on the Fibonacci Channel structure, we can observe Bitcoin closing its weekly session above its 1.618 extension line. This presents two potential cases. K The first case discusses the prospect of a prolonged rally against the next open line at 2.0. Meanwhile, the second case focuses on a lower correction to the 1.618 - 1.382 zone.
That 2.0 Fib extension costs almost $ 70,000. On the other hand, the area 1.618-1.382 represents the region between $ 50,000 and $ 35,000. TradingShot further shared that even a bearish pullback would allow traders to buy Bitcoin down, based on a similar sentimentality following a bearish move last December. TradingShot writes:
"Right now, the pattern is giving hints that since BTC / USD closed a 1.618-Fibonacci extension, it will continue to test the Fib 2.0 extension,"
The company added:
“Motivation has been the price action itself in the past. When the level of 0.618 is rejected, but the price is still supported in the 0.382-0.618 zone, it will rise again for the next 1.0 period (blue arrow), "

Who buys Bitcoin?

Bitcoin's latest price boom above $ 50,000 comes after a flurry of notable news from Wall Street traders.
In February alone, Tesla revealed that it currently holds $ 1.5 billion in Bitcoin in its budget. Meanwhile, Nasdaq-listed software intelligence firm MicroStrategy increased its Bitcoin reserves to 71,079 BTC after spending $ 10 million to add BTC tokens to its budget.
According to a press release released Tuesday, MicroStrategy now plans to raise $ 600 million more from convertible high-level notes to buy more bitcoin. The announcement has become a tool to push the BTC / USD rate above $ 50,000.
Many analysts expect Bitcoin's euphoria to continue to be higher as long as investors and companies have a need to buy risky assets against the depreciating US dollar and poor bond yields. That could allow the standard cryptocurrency to match up with technical bullish expectations as suggested by TradingShot analysts.
 

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