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Analyst explained what lies ahead for bitcoin after new price record


#Financial market forecasts are the private opinions of their authors. The current analysis is not intended as a guide for trading. #ForkLog is not responsible for any work results that may arise when using the trading recommendations of the journals presented.

#Earlier today, #Bitcoin once again renewed its all-time high above $ 28,500 in recent weeks. The current uptrend is believed to continue in 2021, with institutional investors having full access to this market and continuing to actively buy. #Additionally, analysts are starting to compare the fundamental constituent of digital currency and ‘fiat’ currency, which constantly depreciates unlike cryptocurrencies.

#Evolution of the XRP

#It is possible that the situation around XRP in the context of the #United #States #Securities and #Exchange #Commission (SEC) claim against #Ripple is also having a positive impact on the price of the first cryptocurrency.

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XRP’s market cap is aggressively shrinking, and since the SEC’s stock on #Ripple appeared, the asset has lost value by more than 50%. #It is likely that XRP holders are now selling their assets and choosing #Bitcoin for their investments. #Some exchanges have already written off XRP because it is risky for sites to support cryptocurrencies that can be recognized as security.

#In the current situation, when building uptrend lines, we only get an even greater upward slope from these lines, which means the trend is strengthening. #Significant immediate support is now at the $ 25,690 level, a breakdown of this area may trigger the development of a correction to the $ 24,000 and $ 22,000 levels.

#Bitstamp BTC / USD monthly chart by #TradingView.

#Bitcoin increase

#On the monthly chart, a breakdown of the upper bound of the “#Triangle” model has taken place, and the model target is the $ 50,000 level. Therefore, the digital asset can easily continue to grow in early 2021.

#If we look at the whole current structure as a “1-1” pattern on the rise, then the growth target may be the $ 150,000 to $ 160,000 level. #It is important to understand that this is only a forecast over long periods of time, which can take a long time to develop with impressive downward corrections.

#Bitstamp 4-hour BTC / USD chart by #TradingView.

#On the 4 hour chart, a breakdown of the upward horizontal correction occurred, as the market rose from $ 24,000 to $ 28,325. #It should not be ruled out that the current movement may repeat the previous impulse and show the price at $ 32,500.

A possible correction

A signal for the development of a correction may be a breakdown of the lower limit of the bullish channel, which will indicate a slowing of the uptrend and development of a correction to the $ 24,000 level. #Attention should be paid to the behavior of the RSI indicator, whose values ​​have not fallen below 30 since breaking the $ 20,000 level. do not allow a strong correction of the asset, but continue to buy at its slightest decline.

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