After a long wait, we are finally seeing the return of bulls to the crypto market. Bitcoin is leading this rally again, and to find out where it is headed, here we run a weekly forecast.
At the time of this writing, BTC is trading at $ 43,670, accumulating a slight loss of 0.04% in the last 24 hours, but maintaining a gain of 5.98% in the last 7 days.
After a strong defense of the support at $ 30,000, it is now quite clear the high probability that the multi-month pullback has already come to an end.
Holders are accumulating more, which is causing the downtrend of BTC coins on exchanges to resume.
Metrics related to supply already suggested a price above 50k, and now with the jump above 40k, the ground is totally clear to reach that goal.
Bitcoin weekly forecast, daily chart
After a slight correction towards $ 38,000, now the price of BTC is developing a new bullish momentum in the short term, which may well have ended or is close to ending.
Either way, the momentum is totally bullish and it is not a good idea to sit back and wait for a drop.
In the event of a further retracement, it is very likely that we will quickly see buying pressure capable of taking the price up to $ 50,000. Well, as we see in the graph below, there are no more obstacles up to that level.
New all-time highs are on the way
If we review the weekly Bitcoin chart, the forecast becomes even more positive, because from here we see that there is no more resistance up to $ 58,000.
Also, considering the continued rejection of low prices, and the resumption of the medium / long-term trend (confirmed after the resistance at $ 40,000 was broken), it is not at all unreasonable to think of upcoming all-time highs.
From my point of view there is still a bull market to go, and we really could go a lot further in the coming months.
This vision is supported by fundamentals that encourage the accumulation of an extremely scarce asset, in the midst of a turbulent world economic situation.
At the very least, we can expect gains in the short term, thanks to recent behavior. The chances of losing that big support at $ 30,000 are now slim.
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