Price Chart Pattern Tracking Analysts said that as Bitcoin rose to $54,000, it could break the $58,000 record, which set a record price last month.
- Bitcoin (BTC) traded at about $54,368.84 as of 21:00 UTC on the 9th. It has increased by 5.02% over the last 24 hours.
- Bitcoin’s 24-hour price range ranges from $51,428.66 to $54,813.03.
- BTC traded above the average of the 10-hour and 50-hour prices even on the hourly chart, which is a very optimistic sign for market technologists.
As U.S. government bond yields fell, demand for risky assets such as NASDAQ and cryptocurrencies reignited. Bitcoin has been on the rise for the longest five days in a row this year.
Analysts tracking the price chart pattern have seen Bitcoin ascending to around $54,000, as well as reaching a record price of over $58,000 last month. After that, I thought that it was possible to increase the price even more than $60,000.
“Bitcoin is gradually recovering after recording a short-term oversold at the end of February,” said Katy Stockton, technical analyst at Fairlead Strategies, in her own newsletter corner on the 9th. “The short-term momentum is positive and there is room to look at around $58,000,” he said.
According to Robbie Liu, a market analyst at OKEx Insights, the profitability of Bitcoin this week is expected in the’Bitcoin Futures Market’. He is affiliated with the Okeps cryptocurrency exchange, where the key indicator, measured in the short- and long-term ratio, fell below 1.0 on the 7th of this year for the first time this year. It is said that the quarterly contract premium has been reduced to less than 1%.
“The short- and long-term ratio of less than 1.0 in the bull market and the very small quarterly contract premium may reflect excessive bear market sentiment, which often signals a price reversal,” he said.
Some investors see bitcoin as an effective hedge against inflation if inflation rises due to stimulus money release. It is also expected that the price of bitcoin will benefit, just as it was a year from now, right after the first outbreak of the coronavirus, and when the initial stimulus was released.
Konstantin Anissimov, Managing Director of CEX.io, a UK-based cryptocurrency exchange, said, “If history repeats, Bitcoin may break a new record price in the coming weeks or months, surpassing its previous record high of $58,000. And said.