Your favorite crypto news blog

Bitcoin Back On Track, Poised To Reach $50K If This Historic Trend Persists

Bitcoin 2021/01/13 20:19 by John Kiguru
Bitcoin Back On Track, Poised To Reach $50K If This Historic Trend Persists

Within the first week of the new year, Bitcoin continued its impressive bullish trend breaking the $40K price tag. The past weekend has however seen the asset go off track with a considerable pullback. With the latest move, analysts have cautioned investors not to have “weak hands” and miss out on the coming move. This is predicted to see Bitcoin reach over $50K.

Bitcoin has found stability following a shaky weekend and start to the week. Since it topped its previous ATH high record of $20K mid-Dec the digital asset has remained unstoppable. By the end of 2020, Bitcoin was knocking at $30K, a record end of year price. After a 3-year bear period, the imminent bull trend has been dominating with minimal pullbacks and extended breakouts. With the first week of the year, Bitcoin had set a new all-time price of $40K. 

Breaking The $40K Wall

In just 3 days, Bitcoin has slipped back under $35K marking a more than 20% drop. Start of a bear market? Since the last bear market lasted over 3 years, it should be clear to investors that it takes more than a few days or weeks before a trend takes hold. Bitcoin remains far from being proclaimed bearish. This especially looking at the fundamentals which remain healthy, and the fact that it is holding above higher lows.

Furthermore, pullbacks have historically not been necessarily a bad thing. Sometimes, investors get the chance to buy at lower positions and take profits on the way back up. This recent pullback might be especially a great one for investors.

Historically, a 30% pullback by Bitcoin has been followed by a 150% price growth. With Bitcoin pulling as far as 20% in a short time, a rebound could set Bitcoin on its way to marking a new high well above $50K.

Bitcoin Back On Track, Poised To Reach $50K If This Historic Trend PersistsBTCUSD Charts By TradingView

In the last 24 hours, the digital asset has been stable, sitting just above $35K and recording a marginal change. As the asset gets back to winning ways, investors should expect a wall at the recent $40K with some big players cashing out. But as soon as these are shaken off, Bitcon will be poised for a monumental win above $50K.

0 Like(s)

You should also read...

Bitcoin 20/05/20 20:30 by Tony Spilotro
New COVID-19 Lockdown Proposal Poses Unique Threat to Bitcoin’s Ongoing Momentum
A new and wildly unusual COVID-19 lockdown strategy proposal for slowly reopening the economy has many investors and financial analysts scratching their heads, and it could impact Bitcoin‘s rece...
Read More
Altcoins 09/07/20 03:00 by Tony Spilotro
Alt Season: ‘Altcoins’ Search Volume Surges On Google Trends
All across the cryptocurrency community, there’s buzz once again about an altcoin season. But it may not only be current market participants driving the current surge in altcoins. Google Trends ...
Read More
Bitcoin 27/07/20 19:00 by Tony Spilotro
Two Bearish Signals, One Indicator: Bulls Beware of Bitcoin Push Beyond $10,000
After trading sideways for several months, Bitcoin may be ready to not only break out of the trading range but also break out from its multi-year triangle pattern. However, bulls must beware of the la...
Read More
Altcoins 28/07/20 05:00 by Nick Chong
Bitcoin Trends on Twitter in the U.S. and Canada as Price Jumps 15%
It’s been an absurd day for Bitcoin. The asset is up in excess of 10% in the past 24 hours, surging higher as crucial resistances fall to buyers. With one of the best daily performances in month...
Read More
Bitcoin 25/08/20 04:00 by Cole Petersen
Wealthy Investors are Accumulating Bitcoin at a Rapid Rate, Data Shows
New data regarding the composition of Bitcoin holders shows that wealthy investors are pouring money into the digital asset at a rapid pace. This is revealed by the number of wallets holding over 1,00...
Read More