Bitcoin Breaks Above $55K, Here's What's Next
Breakout!
Bitcoin has finally managed to break key resistance and to photographic print a new meaningful sopranino above $55,500, successfully surpassing the early-September peak at 53,000. At the prison term of writing, the flagship cryptocurrency is up 23.55% for the last 7 days and continues to motion north, which could mean value that $59,000 resistance is the next terminus.
Since the early days, Bitcoin has been a polarizing subjugate, with advocates along both sides and with counter-arguments down in the mix regular. Of course, we can't wait things to change now, and information technology seems that Bitcoin's recent surge has triggered yet another argue. On the one hand, we have the bull Mike Novogratz, spell the bears are represented by Steve Hanke, an economist, and professor of applied economics at John Hopkins University.
Mike Novogratz, who is a renowned crypto investor and CEO of multi-billion dollar blockchain investment funds firm Galaxy Digital, recently aforementioned in a CNBC interview that he sees Bitcoin surpassing the highs and that the entire crypto market is set for "story moves". In his words: "I literally see a scenario where we take forbidden the highs in Bitcoin, and we have one of these parabolic moves altogether of crypto going into the fourth stern." He also added that digital assets that are bullish going into Q4, usually continue to go up because investors tend to deal in.
Then again, Professor Steve Hanke predicts a market crash based on the fundamental principle that "what goes up must get along down", adding that "Bitcoin surely isn't excused from this law. BTC's extreme volatility & speculative nature serve as reminders of the ascending and down police force". His melancholy scenario sees Bitcoin as low every bit $10,000.
What goes up must come down and that's a fact, only the opposite is legitimate every bit considerably in the markets: what goes down must come up and we could indicate that Bitcoin is in the "going up" phase because it is recovering from $30,000 lows and it has non yet surpassed the Each-Time High.
Chart Analysis – BTC/USD
Since the bounce on the bullish swerve line seen on the Daily graph below, BTC has been mounting aggressively and managed to surpass keystone levels, including the mental resistance at $50,000 and the previous peak at $53,000.
The green candles are long and full, the MACD lines are spread apart, and price is trading to a higher place the 50 days Moving Fair, which are all bullish signs that indicate that we may see a touch of $59,000 in the near future. However, the RSI is approach the overbought level, which may trigger a pause in the climb or a bounce lower. If that is the encase, $53,000 may play support.
Source: https://www.binaryoptions.net/bitcoin-breaks-above-55k-heres-whats-next/
Posted by: duffeycorme1977.blogspot.com
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