Exchange bets on BTC’s great valuation and breaking a new price record.
The Bitcoin Market has released an optimistic forecast on the weekly price performance of Bitcoin (BTC), which has undergone a severe correction recently. According to the exchange analyst, Thales Inada, cryptomoeda may break the $ 285 thousand mark.
Thus, considering the platform’s forecast and the dollar’s quotation at $ 5.20, the Bitcoin price would need to reach around $ 54,800 during the week, to be worth around $ 285 thousand on the BTC/BRL pair.
Bitcoin (BTC) may suffer ‚major downturn‘ and fall up to R$ 110 thousand, according to analysis of the Bitcoin Market
On the other hand, the same forecast that expects a new price record, points out that cryptomoeda can face a wave of devaluation in the market. This can happen if Bitcoin looses the high trend, being quoted again at $ 160 thousand.
Bitcoin price record
Until then, the Bitcoin’s price record is around $ 230 thousand, which were registered in early January 2021. With the value of R$ 285 thousand, BTC would break a new historical record in the market.
According to the Bitcoin Market forecast released this Monday (18), the price of BTC may exceed the value of $ 285 thousand if it maintains the upward trend. For Thales Inada, this value corresponds to the tapering of two indices that are presented on the weekly chart.
„If it prolongs a tapering between the historical maximum and this top of the channel, the rupture of BTC/USD can take the BTC/BRL to the R$ 285,000, assuming the dollar in the R$ 5.20.“.
Quote can break records
Cryptomeda can fall
In the same way that the price of Bitcoin can break new records, a devaluation can cause cryptomeda to drop sharply in the market. In Cryptography, the value of R$ 160 thousand is pointed as a „support“ for the price of BTC in reais, in case of a drop in the quotation.
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However, Bitcoin has chances of falling up to R$ 160 thousand only if it loses the upward trend, as the weekly analysis points out. In case of rupture, the cryptomoeda would seek the bottom of the channel, in other words, it would lose around R$ 30 thousand, considering the current price of BTC around R$ 190 thousand.
„Anyway, we are also respecting precisely the top of a long high channel that comes since October. As long as we continue respecting this level, we maintain the high trend. In case you lose it, next support in R$ 160.000, together with the bottom of the channel“.
Correction of 27%
Soon after setting a record in the market, the price of Bitcoin experienced a correction of almost 30%. According to Bitcoin Market analysis, this correction is no longer perceived, since cryptomeda has already faced a recovery after falling.
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Although it faced a brief recovery, the price of BTC closed the week negative, accumulating a devaluation of 6.17%. In total, the Bitcoin correction reached 27% in the market before the recovery.
„On the weekly chart, this recent correction, which reached 27%, is hardly seen anymore.
With an optimistic forecast for BTC in Reais, the weekly Bitcoin market analysis also brings a price increase bet for cryptomeda in the BTC/USD pair. In this case, a „symmetrical triangle“ projects a valuation between US$ 42 thousand and US$ 50 thousand.
„Following the model, we can already say that we have a symmetrical triangle, within which we can stay for some more time. If the break up is confirmed, the projection of the base of the triangle takes us close to USD 50,000. But if we stop at the resistance of the USD 42,000 we will form an ascending triangle, which can prolong this congestion until the end of the month“.