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Bitcoin Expected to Be in Bullish Trend after the New $10,000 Breakout

27 July 2020

Due to the increasing new cases of coronavirus around the globe, and more specifically in United States, U.S. Dollar continues its descend. Investors are turning more to other instruments such as gold and silver. Digital currencies are also in investors’ sight. “Digital gold” or Bitcoin broke out the important psychological level of $10,000. Bitcoin like gold started to gain up as an alternative investment instrument. On Monday, Bitcoin hit the maximum price of $10325.76 trading in a range with the lowest level of $9566.45. The new movement of Bitcoin opened the gate for reach new target of $13,800 within a three months investment. 

From the technical perspective, Bitcoin is expected to push forward and keep in bullish trend. Bitcoin broke through the week’s major resistance levels before falling back to sub-$9,900 levels. For the 12 months analysis, Bitcoin is expected to hit the target of $19125. For the five-year investment, Bitcoin is expected to target $73480. 

Bitcoin has enjoyed above-average flows this year, and those flows are relatively high versus their five-year average when compared with those of exchange traded funds in other asset classes. The extreme volatility of cryptocurrencies and more specifically, Bitcoin, requires the trader to keep constant track of the technical analysis. The on-chain statistics confirms the improvement, but we still need to see Bitcoin to move above $12,000 to reconfirm a further climb.

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Everything posted herein is the Personal Opinion of the Author(s) and does not represent a statement made by TeleTrade. TeleTrade is providing this for informational purposes.

Hussain Shabbir

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