Bitcoin (BTC) cryptocurrency finally rose from the dead, and an upward movement occurred in the market. Given the dynamics of the rate change, the coin should rise in price to $ 58,000 by May 4.
Bitcoin value reached its lowest level since the beginning of March – $ 47,005 (Bitstamp data) on Monday. As expected, the powerful barrier of support at $ 47,000 survived. The asset price pushed off this barrier and quickly went up. During the day, the price of BTC rose by almost 16% and reached $ 54,402.
During the pump, a strong resistance zone around $ 53,500 was broken, and buyers managed to gain a foothold above this mark. Moreover, BTC/USD is now trading above the 38.2% Fib recorded during the dump from $ 64,955 to $ 47,005. Given this fact, the price of the coin is likely to reach $ 55,881 (50% Fib) during the next session. Otherwise, there may be a correction to the nearest strong support barrier around $ 51,244.
BTC has been in positive territory for the last six months in a row. A similar situation was observed twice in the entire history of trading – in 2012 and 2013. Both times the seventh candlestick turned out to be red, so it can be assumed that on April 30, the value of Bitcoin will be lower than the indicator recorded on March 31 ($ 58,794). Apparently, by the end of the month, the asset will rise in price to $ 58,000 – at this mark is 61.8% Fib.
After the correction in 2012 and 2013, a bull run appeared in the BTC market. The first time the asset price increased by 4094% in six months, and the second time – by 1710% in seven months. In this regard, it can be assumed that the bullish trend will last at least until October 2021 inclusive. Considering the previous ATH, the target of the bulls will be located in the region of $ 250,000 to $ 300,000. Practice shows that BTC is actively bought in deep. In this case, the size of the subsequent pump is at least 50%. Thus, in the medium term, Bitcoin should rise in price to $ 70,000.