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Bitcoin bullish period expected if it breaks $ 51,000

Bitcoin is trading just below a key resistance level. This could indicate a new upside potential that would take it to another all-time high.

Katie stockton, from Fairlead Strategies, identified the $ 51,000 level as stiff resistance, after the epic almost 62% pullback of the past few months. On Friday, Bitcoin jumped 3% to trade around $ 50,800, just $ 200 below the key level.

If bitcoin breaks the $ 51,000 barrier, marked by two consecutive daily closes, then Stockton sees that the price of this cryptocurrency could touch $ 65,000. That represents a potential rise of 28% from current levels.

“Once the initial resistance clears, which we expect beyond the very near term, the target resistance would become the all-time high,” Stockton explained in a note. Bitcoin peaked at around $ 64,900 in mid-April.

If bitcoin breaks the current barrier of $ 51,000, it would trigger an uptrend

If bitcoin breaks the current barrier of $ 51,000, it would trigger an uptrend

The upward movement in bitcoin follows after the cryptocurrency ether reached its own key resistance level earlier this week and is now targeting its all-time high. While the momentum has been strong for ether, it is also starting to spread to bitcoin.

But if bitcoin is rejected below $ 51,000, it could plummet to $ 41,500, according to Stockton. This would represent a possible 18% disadvantage. That support level is just below bitcoin’s 50-day moving average. But Stockton doesn’t think that level is being tested.

“Further consolidation is likely as short-term momentum has weakened and there is room for short-term oversold territory. However, we do not believe that an initial test of support at the 50-day MA is imminent, ”Stockton concluded.

Source: Business Insider Mexico

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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