February 9, 2021 / Analytics

Bitcoin Price Analysis: Bull Run Will Continue On Bitcoin Market

bitcoin forecast

On February 8, a powerful bullish trend emerged on Bitcoin (BTC) cryptocurrency market, as a result of which the asset price reached a new ATH. Over the coming week, the positive trend is expected to continue, so the coin should rise to $ 60,000 by February 16.

Key Points

  • BTC is hovering above the 100 hour moving average ($ 46,000).
  • A bullish trend line has formed with the support of around $ 46,500 on hourly chart.
  • The upward movement will accelerate after buyers break the resistance at $ 48,000.

On Monday, Bitcoin price soared 15% in a few minutes and rose to a record high of $ 47,567 (Bitstamp data). Later the asset rate corrected slightly – to $ 45,543. On February 9, buyers made two attempts to gain above $ 47,000, which ended in failure. However, there is an upward trend on the chart, and the coin is reliably protected from serious losses by the support barrier at $ 45,500. Based on the current bullish trend rate, the price of BTC will increase to $ 60,000 within the next week.

btc chart

Since January 3, BTC has been losing its dominance in the cryptocurrency market. But the situation changed on February 8 after the dynamics of the BTC.D index went beyond the downward trend. This fact indicates the end of the altcoin season and the continued growth of the Bitcoin rate. Most likely, the share of BTC capitalization will exceed the previous maximum (73%) and will increase to 75% due to capital inflows. Against this background, alternative virtual currencies will become cheaper or at least lag behind Bitcoin in terms of the rate of increase in value.

btc chart

Bull Run Will Continue On Bitcoin Market

The pump was triggered by the news that Tesla bought BTC for $ 1.5 billion and plans to start using the digital asset as a means of payment. The firm invested 10% of its foreign exchange reserves in coins, so many experts assume that the company is betting on the growth of the coin’s value.

Andreessen Horowitz venture capitalist Katie Haun said Tesla’s lead could be followed by other large commercial institutions. If this forecast is confirmed in practice, then control over BTC will be in the hands of the bulls. The list of potential investors in Bitcoin, in particular, was Apple. RBC bank employee Robert Hackett is confident that if Apple enters the cryptocurrency market, the United States will occupy a leading position in the crypto industry for the next 10-20 years.

Technical indicators:

4 hours MACD is in the bullish trend zone.
4 hours RSI is above 70 (in the negative area).
Major Support Level – $ 45,500.
Major Resistance Level – $ 48,000.
The nearest pivot points are $ 46,098 and $ 54,790.

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