Bitcoin Price hits new record! The top cryptocurrency has gained over $1,600 in value some hours ago after trading as low as $26,200 yesterday. The leading cryptocurrency set a new all-time high above $28,500, pushing to $28,600 on top exchanges.
In the last week of the year, Bitcoin has been seeing a lot of action as the price rebounded strongly, touching near its previous all-time high (ATH) at $28,378.
Bitcoin Price Analysis
The BTC/USD trading pair is now approaching the $30K mark. A quick uptrend is quite possible. However, the 30k target might create some selling and a pullback. But, as long as price action shows heavy corrections, a major bullish trend remains the most likely scenario.
The graph also shows that the price action might show a retracement before hitting 30k. Then price could fall back to the 23.6% and 38.2% Fibonacci retracement levels. This a potential support zone and bullish bounce.
Also Read : What Bitcoin Price Will Look Like in 2021?
The key support zone is the 38.2-50% Fibonacci levels. A bullish bounce would confirm pullback on the lower time frame. And the uptrend could continue.
According to the 4 hour chart, the bearish break below the 61.8% Fib could be a first indication that a deeper pullback is taking place
BTC price poised to hit $50k
Popular crypto strategist and analyst with Twitter handle @IvanOnTech predicts that bitcoin price will hit $50k in 8 weeks. The analyst also shared a graph saying that Bitcoin Could Retest Support at $26,400! And Would Be Bullish Confirmation of Breakout.