The crypto market just closed a great week, generating even more bullish expectations for the future. To find out what may be happening to the price of Bitcoin in the near future, we run a weekly forecast below.
At the time of this reaction, BTC is trading at $ 55,400, accumulating a gain of 0.84% in today’s session and 13.43% in the last 7 days.
Bullish forecasts reassert themselves
Analysts are now more confident, after the price rise confirmed that the trend was resumed.
Analyst Minkyu Woo shows us 2 metrics where we see that the current scenario is quite similar to when Bitcoin rose from 20K to the all-time high of 64K.
The metrics are: ratio of stablecoins and short-term holders. Both are starting a momentum that for Minkyu could take us to 100k before the end of the year.
The long-term outlook is much more encouraging today than it was 4 years ago. And it is that currently the amount of BTC in the exchanges is as low as the one that was had at the beginning of the bullish rally of 2017.
But unlike the previous rally when more and more currencies were deposited on exchanges, the opposite has happened in this one. And while there is less liquid supply in the markets when demand increases, only one thing can happen.
Quick review of Burak Tamaç. Source: Crypto Quant.
Bitcoin weekly forecast based on technical analysis
In the weekly chart we can see how the price managed to resume its medium-term trend, after reaching support near 40K.
Now momentum is developing, and it is quite likely that it will spread further before giving way to a correction.
The target for this coming week is 58K, resistance left before the big setback of the last few months began.
Looking at the bigger picture, we understand that the current gains are part of a much larger momentum, which should drive the price towards new all-time highs well away from the previous one. But this may take more than a week.
Daily chart analysis
To make the weekly forecast more accurately, let’s review the daily chart for Bitcoin.
BTC is being hampered by resistance at $ 55,816. If it manages to break through in the next hours / days, which is the most probable so far, then the ground would be clear until the resistance at $ 58,976, which can be a good target for this week.
We must also bear in mind that the retracement that the price made in recent days was not healthy enough. For this reason, in case the support at $ 53,785 is lost, then we would see a broader correction perhaps to $ 52,663. Further down the next support is at $ 48,500.
Either way, the dominant trend is bullish, and should a dip occur, demand from those taking advantage of low prices will quickly resume the previous direction.
Bitcoin weekly forecast based on technical analysis. Source: TradingView.
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