Bitcoin Chart Update: BTC May Visit $53000/$50000 Price Zone.
Fundamental View:
Inflation concerns primarily drive the recent rally in Bitcoin. This suggests that the supposed ETFs are not to blame but just an after-effect of increased demand for cryptocurrency due to economic uncertainty around the globe.
This week's most exciting development comes from financial institution JPMorgan who believes there may be more behind it than what meets the eye, namely potential investment opportunities ahead should investors want them. All digital currencies, including Ethereum Classic (ETC) or Litecoin, are even higher for price fluctuations.
Bitcoin's price rose a whopping 79% between September 21 and October 20. This is an impressive rally. But it might be due to some Corrections as two reasons could cause the correction.
Firstly, bitcoin broke its previous all-time high at $65k only to experience five days of declines shortly after. Secondly, there was profit-taking following such substantial gains from those who had been accumulating coins leading up until now.
Technical View
It is expected that bitcoin rose its highest level because of inflation, and there raised a rumor that the USA given an ETF approval for BTC. So, downside correction is a must. And the fact is, BTC rose because of inflationary pressure.
From the present rate, BTC's swing area is $65000 t0 $67000 price zone. So, it is expected that BTC may go to a downside correction level. Immediate support is identified at the $53000 Price zone.
So, I expect gold to revisit the $53000 price at least for correction; maybe later from the $53000 price, it will revisit nearly $75000 Price.
$53000/50000 price zone will play strong support. Unless BTC breaks below the $50000 price zone, we can't go for a long-term sell.
We can sell from the present level to the $53000 Price zone. If the price drops below the $50000 price zone, we will think about the long-term sell, otherwise not.
On the other hand, I expect BTC to rise again by testing the $53000/50000 Price zone. So if it happens, I will buy from that level, and our first target would be $65000 price zone and finally $75000 Price zone.
Inflation concerns primarily drive the recent rally in Bitcoin. This suggests that the supposed ETFs are not to blame but just an after-effect of increased demand for cryptocurrency due to economic uncertainty around the globe.
This week's most exciting development comes from financial institution JPMorgan who believes there may be more behind it than what meets the eye, namely potential investment opportunities ahead should investors want them. All digital currencies, including Ethereum Classic (ETC) or Litecoin, are even higher for price fluctuations.
Bitcoin's price rose a whopping 79% between September 21 and October 20. This is an impressive rally. But it might be due to some Corrections as two reasons could cause the correction.
Firstly, bitcoin broke its previous all-time high at $65k only to experience five days of declines shortly after. Secondly, there was profit-taking following such substantial gains from those who had been accumulating coins leading up until now.
Technical View
It is expected that bitcoin rose its highest level because of inflation, and there raised a rumor that the USA given an ETF approval for BTC. So, downside correction is a must. And the fact is, BTC rose because of inflationary pressure.
From the present rate, BTC's swing area is $65000 t0 $67000 price zone. So, it is expected that BTC may go to a downside correction level. Immediate support is identified at the $53000 Price zone.
So, I expect gold to revisit the $53000 price at least for correction; maybe later from the $53000 price, it will revisit nearly $75000 Price.
$53000/50000 price zone will play strong support. Unless BTC breaks below the $50000 price zone, we can't go for a long-term sell.
We can sell from the present level to the $53000 Price zone. If the price drops below the $50000 price zone, we will think about the long-term sell, otherwise not.
On the other hand, I expect BTC to rise again by testing the $53000/50000 Price zone. So if it happens, I will buy from that level, and our first target would be $65000 price zone and finally $75000 Price zone.
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