Key facts:
The price of bitcoin has managed to exceed USD 43,000.
If it continues to grow to $46,000, resistance could form there and continue higher.
The price of bitcoin (BTC) has managed to trade for more than USD 43,000 in recent days. This indicates the existence of a great force of demand today, that is, of people who have been buying the cryptocurrency, which caused its value to increase. And it could be the first part of a rally to $50,000 and $60,000.
According to the analyst CryptoVizArt, there are two targets that bitcoin would have to meet to reach a value between $50,000 and $60,000. These steps would be that, firstly, it reaches the price of USD 46,000 in the next few days and, secondly, it manages to surpass that line.
Bitcoin has been making higher lows for the past ten days after finding support above $37,000 for two months. The analyst indicates that this is a clear sign of a healthy bullish rally that could continue in a linear fashion until hitting $46,000 in April, as seen in the following chart. A point that he believes will define everything.
Bitcoin price target now would be $46,000
CryptoVizArt believes that reaching $46,000 could trigger two possible scenarios around his prediction. It could be that the cryptocurrency consolidates its price in that zone, despite having small pullbacks, and continues to rise above $50,000. Or it would break down and plummet to around $34,000, something that would happen only if it fails to break through the resistance of that band that has been unbeatable before.
Something similar believes the investment specialist Jorge Varela, who said this same week that bitcoin could see resistance in the $45,000 area. And then he estimates that its price would go looking for a movement to the USD 50,000 area. He believes so since he is showing behavior similar to the recovery he had after July 2021.
Varela shows on the chart that after the drop that saw bitcoin reach $28,000 in July 2021, the cryptocurrency then started to rise until it formed resistance at the $45,000 line. There he perceived a small setback with resistance and then continued to grow until reaching its all-time high in November.
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This is something that could happen again, if it manages to mark a price of USD 45,000 in April 2022. The analyst believes that reaching that figure seems the goal now so that bitcoin can later rise to over $50,000. So it will be if people continue to buy the cryptocurrency, increasing its demand and price.