After a very passive week, the entire crypto space has initiated a decent recovery. The weekly chart of Bitcoin price displays the extensive tendency to remain above the 50-day MA from 8 weeks. Moreover, the current consolidation is mirroring the previous years November one’s where-in the BTC price was struggling to surpass $10,000 levels.
Moreover, the RSI levels in the daily chart formed constant lower highs since the end of February 2021. It followed a descending trend since then and currently on the verge to flip the trend. The RSI is testing the trend line and with a successful breakout, the levels could surge towards the north, increasing the value of BTC price.
And the institutional investors who staked their Bitcoin with Grayscale, would receive their GBTC shares in less than 24 hours. Thus this could impact the BTC price irrespective of the fact that the spot BTC are not entering the market.
And the other factors indicating an uptrend are the miners started accumulating BTC again. And the Stock-to-flow model has dropped to the lowest levels not visited since October 2020. With the drop, it signifies an immense buying option and hence many strong hands could utilize the opportunity.
Bitcoin Price Could Go Beyond $80,000 Soon!
The bitcoin bears seem to have lost the strength to pull the price down again and again. As the price yet maintained above $30K despite a couple of excessive drains. As mentioned above the trends mirrors the November consolidation, the price could propel with a huge blow to the BTC price. Initially, the price is believed to hit $49,000 by a popular analyst CryptoAman.
The analyst further says that the price could form a new high of around $81,000 soon if the Bitcoin price stands strong above $49,000. However, if the price plunges, the levels need to be maintained above $28,600. Currently, it’s time for the bears to just take a break and allow the bulls to uplift the BTC price to $100K.