Mihai_Iacob

Can bitcoin rise above 50k?

Long
BITSTAMP:BTCUSD   Bitcoin
I'm bullish crypto for quite some time, but I also trade for almost 20 years, and "to the moon" is not in my vocabulary and I prefer to trade what I see...
So, what do we see at this point?
After breaking above the old all-time high just under 20k, Bitcoin accelerated its gains and pretty quickly doubled its value. As normal this ascent has some corrections but these drops were very well sustained by bulls and the price stayed above the trend line support.
At this point, Bitcoin is consolidating and, although moves are aggressive, the overall picture is strongly bullish and the price, at this point, is forming a symmetrical triangle.
That being said, I expect a break-up and a new all-time high could follow soon.
My target for such a move is above 50.
On the other hand, a break under 33-34k zone although is not strongly bearish would delay this scenario.

🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.