Bitcoin (BTC) Price To Rally 30% In Coming Days! Is $50k Imminent Before March End?
The post Bitcoin (BTC) Price To Rally 30% In Coming Days! Is $50k Imminent Before March End? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
After Bitcoin has surged significantly trading above the $47,000 level since yesterday, various crypto market analysts are now expressing their views & analysis concerning the future price development of the king currency.
BTC Price Analysis
The crypto market has opened a new week on strong bullish performance. Bitcoin, the world’s largest currency, surpassed the $47,200 level and the crypto community saw this price level last on January 3, 2021.
Bitcoin (BTC) held over the $47,000 mark during the early Asian hours on Monday following a surge from Sunday’s $44,700 level, With more than 5.4% and $100 billion addition to the overall capitalization of the crypto markets, in the past 24 hours.
At Present, BTC bulls need to hold above this crucial support level of $45k to encourage sidelined investors are encouraged to re-enter the market. Breaching this crucial interest zone could generate panic among investors, pushing Bitcoin toward $40,000.
In Case the Bulls remain intact, the extended rally might take BTC price to $49k which plays a major resistance level. Traders might expect a minor pullback at this level before surging above $50k.
Bitcoin Bull Run To Continue!
Veteran trader Peter Brandt, expects Bitcoin to have a similar price movement that was seen back when the cryptocurrency was trading around $4,000 and $8,000. During that time Bitcoin had seen a similar breakout.
Back in 2019, when Bitcoin Price recovered the bearish pull and gained approximately 20%, that little push led to another breakout bringing the digital gold to new local highs. The pump that came after resulted in a 50% price increase.
Though Bitcoin seems to be following the footsteps of the 2019 pattern, the veteran trader alerted the traders saying charts cannot predict the future because the charts and strategies are useful only within the trading programs and not beyond that.
He also adds that if the $Bitcoin tag points towards “stalls and laser eyes reappear,†then traders must lookout. The sign indicates the greed phase on the market as the crypto community turns extremely bullish. During this phase, there are high chances of a long squeeze and a sudden crash.
On the contrary, Kripto Mevsimi, a verified analyst at CryptoQuant, says the present futures market action is a good thing.
Mevsimi believes that most of the market participants are expecting the recent price surge will trace back to other times. He adds saying, the expectation that comes in the absence of heavy long trading, is the best chance for bulls to show up.
Is Bitcoin’s Liquidation Behind The Price Rally?
Market behavior analysis platform, Santiment, asserts that the present Bitcoin price rally is due to massive shorts liquidation that has happened over the weekend. Providing the data, Santiment argued that first, there were funding rates for altcoins that witnessed a short ratio. Then the short liquidation of the Bitcoin derivatives market followed. Hence, the result of the liquidations move is the present Bitcoin price rally.
#Bitcoin launched to $47.2k, its highest price since January 3rd. The massive amount of #shorts that were growing on exchanges is the primary culprit for this jump. #Altcoins really saw a huge #short ratio at 1pm UTC, followed by $BTC at 6pm UTC, spiking all of #crypto.
pic.twitter.com/vOi8YBmP4s
— Santiment (@santimentfeed) March 28, 2022
As per data from Coinglass, futures liquidations have reached $417.57 in the last 24hrs, and out of this 78.4% were short liquidations. It is to be noted that Crypto exchange FTX has done the highest liquidations which are accounted for $150.28 million.
