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The rise of cryptocurrencies: what price will bitcoin reach?

The rise of cryptocurrencies: what price will bitcoin reach?

Bitcoin is growing a lot in recent days. After recovering the mark of $ 50,000 last Monday for the first time in more than three months thanks to the upward impulses, this Tuesday it fell slightly and shows a price of $ 49,838,200 trying to maintain the positive dynamics that has continued since the beginning of the month of August. But how much will bitcoin go up?

Investors think that exceeding $ 50,000 will push the currency into a bull run. Those who bet on the recommendation to hold prefer to wait for the cryptocurrency to consolidate this upward trend that began on July 21, when Bitcoin closed the day. soaring below 70%.

IG analyst Diego Morín has pointed out in his market comment that after the correction experienced last May, not falling below $ 30,000 (25,583 euros) is important on a psychological level for the market. He also added that “we will have to monitor the mark of $ 45,000 (38,373 euros) as an important psychological level, since at that point there has been a struggle between suppliers and applicants in previous weeks and it is necessary to pay special attention to the area of $ 52,000 “.

An upward price

With respect to its stock chart, a clear upward trend is reflected since the first Monday in August, when at the close of the session it was set at $ 40,085,700, representing an increase of 24.3% in relative terms. and almost $ 10,000 in absolute numbers. In addition, with regard to its resistance, despite the fact that the cryptocurrency does not overcome these barriers, it is increasingly approaching the price to be overcome in the medium term, which stands at $ 63,975.1 while in the long term stands at $ 63,975.1. Its medium and long-term supports are established at $ 29,699.4 and $ 10,192.4, which shows that, despite its volatility, Bitcoin is far from its supports and aims to break resistance. Its maximum price forecast for the session this Tuesday points to $ 49,846.00 while its minimum price is located at $ 48,818.70.

Bitcoin quote

Investment Strategies premium technical indicators, which measure the trend, fast and slow moment, volume and range of amplitude of the value to place the value in a certain phase of the cycle, places Bitcoin in a consolidation stage with a score of 6 points out of 10 possible. The breakdown of its indicators indicates that the trend shows a mixed downward trend in the medium term and upward in the long term. The fast and slow total moment gets positive indices and is positioned as the highlight of technical analysis. The volume of the cryptocurrency reflects a mixed result rising in the long term and decreasing in the short term. Finally, volatility points to an upward diagnosis with decreasing indices both in the medium and long term.

Bitcoin premium

This analysis chart has undergone a great improvement with respect to its previous indices corresponding to August 18 in which it was with a rating of 1.5 points out of 10 possible, which positioned the value in a downward phase of the cycle, that is, the technical indicators of the cryptocurrency confirm that its medium and long-term outlook has changed considerably in recent days.

From Bloomberg they recognize that “there is nothing like the price to change the sentiment”, so the predictions that bet on a bitcoin in the 100,000 dollars again gain strength. For Tom Lee, analyst at Fundstrat Global Advisors, this level will be achieved as early as the end of this year. Along the same lines, Anthony Scaramucci, founder of Oscar Capital Management and SkyBridge Capital said recently in an interview for CNBC that the token will trade at $ 100,000 by the end of the year.

Cryptocurrencies increase their importance as means of payment

The positive evolution of Bitcoin is supported by great advances for the world of crypto assets. PayPal has made its cryptocurrency service available to its British customers with which they can buy, hold or sell their digital currencies as of this week after the purchase of AfterPay, a service similar to that offered by the American company, by Square. It is also favored by the block growth of the rest of cryptocurrencies such as Ethereum, or Cardano that have supported Bitcoin throughout this month of August.

Some countries are already accepting cryptocurrencies as a means of payment. The example is El Salvador, which, after announcing the legality of Bitcoin at the end of July, last week the Central Reserve Bank (BCR) of the country published a document with the technical standards to facilitate the application of the Bitcoin Law in financial institutions interested in providing the services of convertibility of the cryptocurrency to dollars, and vice versa. The president of this country, Nayib Bukele, assured last Sunday that the country will have a network of 200 ATMs in which Salvadorans who receive bitcoin will be able to withdraw dollars in cash as of September 7, when the law that gives legal circulation to the digital asset enters into force.

In this context, investors predict that Bitcoin will continue to increase in price and consolidate in an upward phase of the cycle at the end of this summer period with long-term prices between 250,000 and 500,000 dollars. However, other analysts take into account the “carbon footprint” that this crypto asset can leave. The expert Shawn Tully assured in Yahoo Finances that “if Bitcoin soars to the moon as expected, its notorious carbon footprint will expand with it. ”

Therefore, the environmental impact that the rise of this cryptocurrency may generate is also one of the factors to take into account to forecast what its evolution will be in the coming months and even in the coming years. The next few weeks will be key to determine if this bullish stage is maintained and consolidated or, on the contrary, it returns to the price that registered in the month of July. Only time will tell how much Bitcoin will go up.

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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