Bitcoin is back above $ 45,000. With this new bull run underway, the forecasts on the direction that the BTC price could take are multiplying.
According to the exchange OKex, there are two hypotheses on the table: BTC will lateralize for two days between 45,000 and 48,000 dollars, or it will return to 42,000 dollars and then bounce back to 45,000.
He explains in fact Hunain Naseer, OKex Senior Editor:
“Four consecutive days in green saw Bitcoin break two key resistance levels ($ 40K and $ 45K) and the market leader is now trading in a critical range, just above $ 45K. If this trend continues, we will begin to see the faster moving averages cross the slower ones – a bullish indicator for the price. However, BTC is likely to consolidate between $ 45K and $ 48K for a couple of days before attempting to breach $ 50K. ”
Then follows the “bearish” scenario:
“On the downside, we are looking at a possible retest of support around $ 42K, but even if that happens, the price is likely to rebound towards $ 45K rather quickly. On the news front, the infrastructure law is in the spotlight this week and the market is likely to react quickly to any development, positive or negative ”.
Bitcoin forecasts, watch out for the RSI
However, the Relative Strength Index. Bitcoin’s RSI is currently fluctuating at a value of 70. Generally when the RSI is above 70, the asset is in a range of hyper bought and this could trigger the bearish trend, which would justify a possible landing on the support of the 42,000 dollars.
Already in the past, most recently in late July, when the RSI peaked at 74 points, a drop in the price of BTC followed, returning from 42,000 to 38,000 dollars. However, these declines have always been followed by higher climbs.
The fact remains that Bitcoin now seems to have steadily returned to above $ 40,000 and this for many analysts could be a sign of an imminent climb to the April records ($ 65,000), although it may take some time.
There are even those who say they are certain that by the end of the year bitcoin will reach 100,000 dollars.
All this as the US debates how to get more cryptocurrency taxes as part of the Infrastructure Bill approval. This doesn’t seem to bother the cryptocurrency queen at all: for once BTC is showing resilience to news.