Tesla’s investment on Bitcoin gave the cryptocurrency a boost. Its rate continued to increase very sharply, especially after it broke above $41,980.24.
In line with this, there are new target levels for Bitcoin, and the more the quote moves in its direction, the higher is the chance that the cryptocurrency will achieve it.
In fact, yesterday, analysts forecasted BTC to reach $ 50,000. Since the quote continues to break resistance levels, upward potential has increased to 80%.
And now, using Fibonacci, the next targets of the cryptocurrency are $42,968.05 (100%) and $52,000 (161.8%).
Aside from that, $50,000 is a round level, so it can also be considered a strong psychological border.
Of course, there is no certainty when exactly Bitcoin can reach these levels. But the distance between the 100% and 161.8% retracement levels is not small, so a downward correction and consolidation may occur in between.
The material has been provided by InstaForex Company – www.instaforex.com
Tesla’s investment on Bitcoin gave the cryptocurrency a boost. Its rate continued to increase very sharply, especially after it broke above $41,980.24.
In line with this, there are new target levels for Bitcoin, and the more the quote moves in its direction, the higher is the chance that the cryptocurrency will achieve it.
In fact, yesterday, analysts forecasted BTC to reach $ 50,000. Since the quote continues to break resistance levels, upward potential has increased to 80%.
And now, using Fibonacci, the next targets of the cryptocurrency are $42,968.05 (100%) and $52,000 (161.8%).
Aside from that, $50,000 is a round level, so it can also be considered a strong psychological border.
Of course, there is no certainty when exactly Bitcoin can reach these levels. But the distance between the 100% and 161.8% retracement levels is not small, so a downward correction and consolidation may occur in between.
The material has been provided by InstaForex Company – www.instaforex.com
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