Earlier last week, Bitcoin hit a low of $ 45.000, marking a 25% drop from its record price of $ 58.000. It was a test and confirmation of this support which had not been touched since 11 February.
Sky is the only limit, as the British say
Furthermore, it was a confirmation of good health on the part of bitcoin, given that in the past it had experienced decreases of up to 30% after reaching a new record. Immediately after this pullback, Bitcoin returned to rise to the top and break the set resistance. In this case, Bitcoin is expected to exceed $ 58.000 and exceed $ 60.000 in a very short time.
At the time of publication, Bitcoin has soared above $ 51. The world's largest digital asset has moved sideways over the past 2 days as the bulls struggle to set support above $ 50.000.
For now, at least, Bitcoin seems well on its way to achieving this goal. Over the next few days, the bulls will have to fight tooth and nail to keep the bears away.
Bitcoin's eyes are on a new target: 75.000
Popular analyst CryptoBirb shared a chart of what he expects from Bitcoin in the coming days. His chart shows that Bitcoin is making its way towards $ 75.
The analyst also added that the asset is still in a bull market, despite the recent pullback and the likelihood that prices will hang in the current region around $ 50.000 for some time.
In the next few days, unless Bitcoin can push higher and avoid falling below $ 50.000, there will be a question as to whether the lower lows can be tested.
This week showed that there is still support at $ 45.000 and great demand during these dips: Microstrategy and Square are buying at $ 48.000 levels. In the event of negative developments during another decline, the level to be expected is $ 40, as shown by Joe Saz in his chart.
There has been a small development in the past few days that has had a direct impact on Bitcoin. On Thursday, Coinbase filed an application to go public and although this does not directly affect the price of Bitcoin, if the quotation should it succeed, it could bring new interest for both Coinbase and Bitcoin in an entirely new market.
There has also been a continued outflow of BTC from the exchange which has long been evidence of the institutional purchase and buyers' intention to hold for the long term.
If the trend continues in the next few days, Bitcoin will soon rebound from current levels and there will be little to do, the most important digital currency by market capitalization, it will take the road to reach its next record target set at $ 75.