Despite the price consolidation of the BTC / USD pair that keeps markets guessing, analysts are confident in the odds of gains coming in the short term.
While the area around the two highs this year – u # s63,900 and u $ s67,100 – are the main focus of discussion, the reality could, in fact, be in price discovery territory close to u $ s100,000. “From a technical, market cycle and on-chain perspective, we continue to believe that the next major trouble zone for $ BTC will not come until we approach $ 85,000 – $ 90,000. “, the update predicts.
This is partly due to a moving average crossover event involving the 128-day and 200-day trends, which has historically caused a “sustained” upside.. In that sense, Bitcoin could hit $ 150,000 in early 2022.
“Evidence continues to suggest that existing market participants remain optimistic. One piece of data that supports this is the continued drain of Bitcoin from exchanges, as users choose to place their Bitcoin in offline storage. The net impact of this is that the supply in the short term is reduced, “concludes the update on Bitcoin.
Bitcoin ETFs, ProShares Bitcoin Strategy (BITO) traded on the NYSE closed last Friday at $ 40, up 1%. Nasdaq-listed Valkyrie Bitcoin Strategy closed almost 2% higher at $ 24.
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