Bitcoin Forming a Bullish Pattern within Support Range

Source: news.bitcoin

Bitcoin is the first Crypto to enter the Crypto and financial world. It has opened the world to the potential of Cryptocurrencies by remaining bullish even in bearish markets. Many financial analysts are calling it digital gold. But will Bitcoin remain bullish and still hold value in the future?

Bitcoin Breaking Its Records

Bitcoin has been in a bullish long-term trend since mid-2020 to date. 2021 has been the most profitable year for most Bitcoin investors as the price has been forming record highs and breaking them in months. The first high was formed in January when bitcoin was trading at about $42000. By the end of February, the price had already broken this high.

In April, Tesla announced that they would be taking Bitcoin payments, and this caused an impulsive bullish trend to a high of almost $65000. Unfortunately, a month later, Tesla said that they would stop taking Bitcoin payments. This caused BTC prices to nosedive for two months to about $29000.

From July, the Prices resumed a steady bullish momentum. This bullish momentum was fueled by the Securities and Exchange Commission approving Bitcoin ETFs in the US financial markets. Prices have been bullish since then. In December, it broke May’s high and formed a new high of about $69000. This makes Bitcoin not only the most valuable Crypto among the most valuable assets in the financial space. Technical indicators are showing that it might continue with the bullish trend.

Bitcoin Prices at a Bullish Support Range

Bitcoin Support level chart

According to the weekly TradingView Charts, Bitcoin is in a small bearish retracement. This retracement has hit the psychological level $55000 but hasn’t closed below it. It is also near the support level of $53333. We are expecting the price to bounce at any of these two levels before continuing with the bullish trend.

Bitcoin Prices at an Important Fib Level

Bitcoin Fib Retracements Chart

If we add a Fibonacci tool on the last bullish impulse, we can see that the retracement is currently between the 0.618 and 0.5 fib retracement levels. Historical data has shown that price normally continues with the main trend after hitting these two levels.

The psychological level also falls between these two fib levels. This shows that price has a very high probability of continuing with the Bullish trend.

Will Price Go Above The Last High

Bitcoin Future Analysis using Fibs

According to Technical analysis, the price will take out 2021 all-time high. If it doesn’t experience any fundamental or sentimental news that negatively affects the prices, we expect it to continue with the bullish trend. The first level that price will hit is the 1.618 fib level. At this level, the price will be about $85000. We expect the price to reach this price level by 2027.

At this point, the price will have a small retracement and then continue with the bullish trend to the 2.628 fib level. BTC will be trading at around $110000 at this level. This is our long-term price prediction of Bitcoin.