Bitcoin to $70k? 61% climb
Hey Traders,
As highly requested, I have had a look at the Bitcoin/U.S. dollar daily chart. I always tend to have a bullish bias on Bitcoin because as it begins to rally a little bit, a lot of the popular news outlets tend to publish about it being on the move again, triggering an even bigger bull run and everyone is a lot quicker to buy this and they are to sell it.
Given the current climate in the world, I'm not too sure on how cryptocurrencies are having an effect on that. I understand that there are a lot of people trying to publish it as a safe haven asset, but in my opinion given it still being overly volatile, it's struggling to show those safer conditions over assets like gold and silver.
However, you can see a bit of influx of people coming into Bitcoin during the times of uncertainty, as well as other crypto assets and I think we may begin to see a bit of a bull market. My target area is up to $70,000, I think we had a clear break of structure while we're in this slow trend (it maybe a quick little liquidity grab). Overall I do have a bullish sentiment and I do think this can get up to the higher supply areas which I've drawn out with the blue rectangles on the chart. Each of these are different struggle points where I think Bitcoin will have a bit of a bounce or maybe a "sit still week," if we manage to break all these areas, I definitely think we can get up to 70 K.
Let me know what you guys think and the plays you are after on BTCUSD!
As highly requested, I have had a look at the Bitcoin/U.S. dollar daily chart. I always tend to have a bullish bias on Bitcoin because as it begins to rally a little bit, a lot of the popular news outlets tend to publish about it being on the move again, triggering an even bigger bull run and everyone is a lot quicker to buy this and they are to sell it.
Given the current climate in the world, I'm not too sure on how cryptocurrencies are having an effect on that. I understand that there are a lot of people trying to publish it as a safe haven asset, but in my opinion given it still being overly volatile, it's struggling to show those safer conditions over assets like gold and silver.
However, you can see a bit of influx of people coming into Bitcoin during the times of uncertainty, as well as other crypto assets and I think we may begin to see a bit of a bull market. My target area is up to $70,000, I think we had a clear break of structure while we're in this slow trend (it maybe a quick little liquidity grab). Overall I do have a bullish sentiment and I do think this can get up to the higher supply areas which I've drawn out with the blue rectangles on the chart. Each of these are different struggle points where I think Bitcoin will have a bit of a bounce or maybe a "sit still week," if we manage to break all these areas, I definitely think we can get up to 70 K.
Let me know what you guys think and the plays you are after on BTCUSD!
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