In the first 44 days of the year, Bitcoin has set all-time highs week after week. All eyes are on the 50K psychological barrier. Can they be beaten in the short term? Here I will try to give the answer.
At the time of publication, the price of BTC is US $ 47,779 according to the ProBit exchange, maintaining the short-term uptrend.
Next stop for Bitcoin $ 50,000?
The closest resistance for Bitcoin is at US $ 48,800, a value that it tried several times to pass on Thursday without success. If he broke that level he would have no major difficulties in reaching the precious 50K.
Personally, I think that the 50K will not be a brake for the BTC, but at least it will go up to 55K, a level that I think will be used by the bears to make a profit taking.
In case of not being able to this weekend with 48.8K, there is a strong support at 45K, and an even bigger one at 43K, a value that reached suddenly when the purchase of Bitcoin by Tesla was announced.
Key factors that can boost Bitcoin in the short term
- More income from institutional investors.
- Good news from celebrities supporting BTC (especially Elon Musk).
- Very close to the 50K target. Why not do it now?
- Investors fear to miss the opportunity to get on the train, the famous FOMO.
- Shelter of value. This may be one of the key points that drives more and more purchases.
Factors that can slow down the price of Bitcoin in the short term
- High overbought from a technical point of view.
- Strong resistance at the 50K barrier.
- Possible profit taking by big players in the market.
In the short term, buying Bitcoin can be a risky investment, since if it does not manage to beat US $ 50,000, it can lead to a healthy correction. However, in the medium and long term the trend is devastatingly bullish, and the 100K target may be little.
In November 2018, when Bitcoin was trading around 6K, I wrote a post called: “The Bitcoin train is approaching its sixth station”, where I explained that Bitcoin was approaching its sixth station, being an unbeatable opportunity for get on the train. Now, that station is leaving it and the seventh station is approaching, which I will tell you in the next installment that will hold there for Bitcoin.
Spoiler: The seventh and final season is something extraordinary. 🙂