A correction could strike soon as BTC shoots above the $51,700 region, continuing its upside trend into the European Session today, breaking a new record for the first time in history. In the meantime, the market capitalization surged to over $960 billion which is only 3% shy of hitting $1 trillion so let’s read more in today’s BTC news.
The founder of Standpoint Research Ronnie Moas noted how a correction could strike:
“We should hit $2 trillion this year. The 2021 price target is $112,000.”
Traders increased their bids in the crypto market right after Nasdaq-listed software intelligence company Microstrategy announced a $600 million investment in BTC by raising funds via a debt sale. It already holds more than 70,000 BTC in its reserves with a worth little over $3.5 billion. BTC was riding higher again when Tesla revealed it will invest $1.5 billion in BTC for its reserves and the company then raised more speculation in the BTC market after announcing it could purchase more of the cryptocurrency and could even start accepting it as a payment for its services.
The latest spike brought the BTC price up by 56% and measured from the mid-March price level of $3,858 back in 2020, the cryptocurrency is up by 1188 percent. Many analysts anticipated the BTC price will rise further into the quarterly sessions with the upside targets moving between $52,000 and $65,000 on social media. Some analysts recommended that traders should wait for another breakout before extending their position targets. One trader noted that BTC’s latest upside move pushed it over a crucial short-term resistance but this doesn’t guarantee another parabolic move ahead:
“Imagine being chopped out on this, now [that the] price is showing a clean breakout of this key trendline resistance. We should technically expect a retest at some point of this trendline to validate it has been flipped into support before moving much higher in the macro.”
In the meantime, BTC entered into the overbought zone on its daily timeframe chart and its RSI readings which points to an imminent downside correction/consolidation in the sessions ahead.
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