Welcome to PrimeXBT’s latest trade idea, focusing on the BTCUSD price chart and what may happen when the current market standoff breaks in one direction or the other.
Fundamental Analysis / News:
Mark Yusko, the CEO of Morgan Creek Capital explained why Bitcoin is better than gold and when the price of the asset could reach as high as $500,000. The expert cites the rudimentary state of technology, Metcalfe’s law, the scarce nature of Bitcoin, along with the increase in the number of active wallets. He believes that BTC could reach $500,000 as early as 2030.
Technical Analysis:
Globally, there’s no denying that the entire market, including Bitcoin, has been in a downtrend for the last few months.
On the other hand, in the short term, some growth is expected inside a rising wedge pattern, which is typically a bearish reversal pattern. Once price reaches the resistance zone, a rejection could cause a fall to support below before a bounce occurs.
To sum up, because the trend is down, a short-sell position is the best strategy currently. The low line of BTC's descending channel is the main target for the medium term for profit to be taken on any successful shorts.
Please stay tuned for additional analysis across other assets, and good luck trading!
Fundamental Analysis / News:
Mark Yusko, the CEO of Morgan Creek Capital explained why Bitcoin is better than gold and when the price of the asset could reach as high as $500,000. The expert cites the rudimentary state of technology, Metcalfe’s law, the scarce nature of Bitcoin, along with the increase in the number of active wallets. He believes that BTC could reach $500,000 as early as 2030.
Technical Analysis:
Globally, there’s no denying that the entire market, including Bitcoin, has been in a downtrend for the last few months.
On the other hand, in the short term, some growth is expected inside a rising wedge pattern, which is typically a bearish reversal pattern. Once price reaches the resistance zone, a rejection could cause a fall to support below before a bounce occurs.
To sum up, because the trend is down, a short-sell position is the best strategy currently. The low line of BTC's descending channel is the main target for the medium term for profit to be taken on any successful shorts.
- Support Zone: $6,800 - 6,950
- Resistance Zone: $7400 - 7550
- Market Cap: $131,800,386,507 USD
- Volume (24h): $17,277,962,272 USD
- Circulating Supply: 18,099,562 BTC
Please stay tuned for additional analysis across other assets, and good luck trading!
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