The price of Bitcoin may go up

Endy Callahan

During the week, the exchange rate of the leading cryptocurrency almost recovered after falling to $3800. In what case will its price go into a long-term growth phase, and why it may fall to $5500?

What do analysts say?

Analyst and founder of Blokkroots Josh Ranger is assured that it is too early to talk about the return of the price of the first cryptocurrency to long-term growth. First, its rate should be fixed above $6,400, the entrepreneur stressed. He explained that this is a key level that has already been used as support twice in the history of the main digital coin.

Cryptopotato portal analyst Yu Volkov also believes that the future price of Bitcoin is currently uncertain. If the coin can go up to $6800, the next target will be the $7200 mark, the expert suggested. He clarified that the growth of the value of the cryptocurrency will be hindered by the resistance level of $7000. 

On March 19, the head of Three Arrows Capital Suu Kyi said that Bitcoin would rise in price to $50,000 in the future. This is possible due to economic instability in the world and significantly increased dollar inflation, the entrepreneur explained.

Bitcoin traders push the price up

Having gathered 21.6% to a novel 7-day high at the mark $6,375, token traders are currently determined to pull the price upper to the figure of $7,200. 

We can witness that the virtual asset has gone through a notable 66% recovery as it dropped to $3,775 on 13 March. To note, almost all the altcoins are also gaining double-digit numbers. However, the question is, to what time extent can the present rally continue.

Once Bitcoin broke over the pennant trend curve at $5,600, it made a bullish three white soldiers pattern and dealers increased the price somewhat exceeding the $6,300 resistance to the mark $6,375. 

At the period of analysis, the rate is trading in the area starting at $6,170 to $6,250 as sellers try to keep this range to grab $6,300. At that point, a couple of scenarios could successfully take place. 

The existing range might remain as support as the rate consolidates at that level until it gets to growth in impetus and volume pushes the value higher than $6,300 until $6,400. On the other hand, BTC token could misplace the present range and fall to reevaluate the prior indicators: $5,900, $5,500, and then $5,380. 

As stated in the preceding scrutiny, if bulls at that time can flip the mark $6,300 to $6,400 zone to support, then sellers could step in the direction of $7,200, though earlier price records display that $6,600 to $6,800 may be resistance ranges. 

The short periods imply that the price might require backing off support in advance to last in the upper range but the day-to-day chart demonstrates the MACD (momentum indicator that shows the relationship between two moving averages) on the brink of drawing beyond the signal line in addition to the histogram, which is rapidly pending 0. The relative strength index is likewise dragging up in the direction of indicator 40. 

The rally that occurred yesterday to $6,375 drew the rate higher than 20-MA (the moving average) of the Bollinger Band meter and the lack of high volume nodes on the discernible range of volume profile proposes that if the indicator exceeds $6,375, then the rate will possibly grow to $7,200.

Buy the token or not?

Like BTC token, various altcoins have uninterruptedly held on to the double digits gained for the period of a relief rally that happened on March 19. At that time, XRP added 11.11%, taking the value to $0.16. At the same time, Litecoin (LTC) gathered 13.67% to exchange at $39.14, and Binance Token (BNB) earned 18.04%.

For the moment, dealers should monitor the transaction volume as the U.S. exchange session for conventional markets commences on Friday and cryptocurrency sellers log in their profiles. 

The total crypto market cap is currently found at the $174.9 billion mark, and thus BTC’s current rate of dominance reaches 64.7%.