As for Bitcoin, its historical behavior points to two things at the moment. On the one hand, the price is expected to enter the range for several days, between US$42,000 and US$45,000, in round numbers. And, on the other, achieved two daily closes above its 50-day moving average, at $42,500so the popular cryptocurrency market analyst Lark Davis -collected by Bolsamanía- points to the possibility of reaching a new all-time high this March 2022.
Davis mentioned that “the last two times we crossed this line, BTC rallied 54% and 47%. If history rhymes, then we could see BTC rally into the 60K range in the coming weeks.” Furthermore, he added: “The last two breakouts of the 50-day moving average lasted 40 and 46 days until we saw spikes form for the price of bitcoin. So, new high for BTC at the end of March?“, he noted on Twitter.
“Bitcoin’s performance was really impressive recently, not only because it has broken through a key resistance level at $40,000, but because it has done so at a time when sentiment remains extremely volatile in the markets,” commented for his part, Craig Erlam, an analyst at Oanda. “It was noted with a little difficulty around $45,500, which was an important support level in December, but it looks like it has decent momentum now,” he adds.
In the expert’s opinion, “we could see some of the recent gains recover in the coming days, but the cryptocurrency public could suddenly feel much more confident than it has been for many months.”
The current market capitalization of bitcoin is estimated at $827 billion. At the same time, the trading volume of the last 24 hours is about $33 billion.
Source: Ambito
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