I have read that many institutional analysts predict increases in Bitcoin that would even exceed the current maximums that are at 64,000 dollars per Bitcoin, some banks for example predict that Bitcoin would reach 70,000 points this year, others even believe that it will reach to 100,000 in the next few years to come.
Will Bitcoin be the safe haven for investors again?
We will be cautious and focus on technical analysis to assess the movements of the virtual currency, to somehow know where the crypto currency par excellence will arrive.
We must not forget that no matter how much we draw guidelines and trends, the strong volatility of cryptocurrencies causes them to have abrupt movements of both ups and downs,
forcing us to change our perception of movement constantly.
That said, in our previous article we made a brief summary of the history of Bitcoin and what we expected for the next sessions, well, we said that after having exceeded the level of 19,000 points last year, the cryptocurrency reached the not inconsiderable figure of $ 64,000 per BTC, revaluing more than 300%, after having generated these maximums we have seen pronounced falls in the cryptocurrency reaching a minimum of 29,000 points.
Bitcoin weekly chart
What can we expect for the following week?
We also said that to overcome that lateral range in which it was, we expected increases to 50,000 dollars per BTC, a place where we could think that the virtual currency would not be able to overcome at first due to the strong resistance that was in that amount .
Currently in a 4H chart, we can see that the cryptocurrency in recent sessions has been generating increasing minimums and maximums, testing the ceilings at 50,000 points, and that at the same time small increases are seen above that level.
Bitcoin intraday chart
If in the following week, which begins tomorrow, the price of Bitcoin exceeds the barrier of $ 50,000 per BTC, we expect increases in the virtual currency to its previous highs that are at 64,000 points and that it is even possible that it could widely exceed them due to the disappointing employment data in the US, last Friday that gives wings for the Fed’s monetary policy to continue for longer, weakening the dollar and feeding the ghost of a persistent inflation over time, and favoring assets that are not tied to the banking system, such as cryptocurrencies.