BTC/USDT, a possible continuation of the strong bullish trend?
Bitcoin has had a very strong bull run in these past few days or even weeks, and I'm sure that a lot of us in the market are glad to see such price action, but the question lies in how can we keep holding assets that are profitable, not assets that were profitable. So the big question that a lot of us have is: is this the end of the bull run, well it's quite clear the the overall bull run still has a lot of strength and the price could eventually reach those 100k, 250k... marks that everyone from my grandma to Elon Musk seems to be talking about. But we all know what can happen in the next few weeks, or even days after BTC reaches such high price targets...
But this analysis here today focuses on more of a short to mid term prediction, in my opinion, 40k is a very strong support level and if the price continues to hold, it could be a bullish signal for anyone looking to get into the market. Due to the line of support that starts on 01Feb and stretches to 08Feb that took BTC over 40k and into new all time highs (which was formed after the price broke the 09Jan-31Jan correction that took the price from 42k to 30k), I am still quite bullish on bitcoin in the short to mid term, the price could reach a 55k-60k price range or even higher, before having another pullback as we saw from 40k to 30k.
In conclusion, if you are looking for a long term position, you might want to wait for the next correction, but that could be months from now and might never reach the levels that it's at right now. If you are looking for a short term trade, now would be a good time to buy some and sell it when it starts to look as if this uptrend is starting to slow down and reverse, somewhere around the 60k-70k price range.
But this analysis here today focuses on more of a short to mid term prediction, in my opinion, 40k is a very strong support level and if the price continues to hold, it could be a bullish signal for anyone looking to get into the market. Due to the line of support that starts on 01Feb and stretches to 08Feb that took BTC over 40k and into new all time highs (which was formed after the price broke the 09Jan-31Jan correction that took the price from 42k to 30k), I am still quite bullish on bitcoin in the short to mid term, the price could reach a 55k-60k price range or even higher, before having another pullback as we saw from 40k to 30k.
In conclusion, if you are looking for a long term position, you might want to wait for the next correction, but that could be months from now and might never reach the levels that it's at right now. If you are looking for a short term trade, now would be a good time to buy some and sell it when it starts to look as if this uptrend is starting to slow down and reverse, somewhere around the 60k-70k price range.
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