After days of Historical Highlights, Bitcoin stops breathing!
With a historic high of almost $ 49k after a powerful statement by Tesla about investing $ 1.5 billion in Bitcoin formally, BTC gives a break in resistance at around $ 48k to catch its breath.
The price of the world’s largest digital currency remains above the averages on the H4 chart (above) reinforcing an upward trend. At this point, the next goal is to break through the $ 48k barrier to reach the targets at $ 50k and $ 54k, making it clear that this $ 54k target is a 100% Fibonacci projection.
We can see that the price has touched the support of EMA21 (light blue line), a short average for a 4-hour chart, which suggests buying power and even some overbought.
A little bit about Bitcoin cycles
We can identify some patterns every 4 years in the Bitcoin world. We call it BTC cycles. With each cycle of this there is a historic increase and the following year, generally, a stronger fall. (See here)
In this case, in 2017 we had an ATH of $ 19,666, but the point was the great demand for common, individual investors, like most of us here. It was a retail explosion.
In this year of 2021 we are seeing something different. We see the entry of major institutional players like Grayscale, Tesla, Paypal, etc … It’s a different wave, it’s a different FOMO.
If you check Google Trends, you will see that the demand for Bitcoin in 2017 was still much higher than today; but today, the big companies start the movement of historic highs and the power of influence there becomes much greater. Expectations are very high.
So, let’s hear, unsurprisingly (and without doubting) Bitcoin at $ 100K.
And every news from her is going to have a reason that probably makes sense about it.