Despite many rumors and hearsay and a price adjustment happening soon, Bitcoin prices are still on an uptrend. Most technical analysts are predicting that soon enough, BTC will reach a price of 50K, and this represents a strong confirmation of a roadmap towards 100K. In this article, we’re going to see what’s going on with Bitcoin prices and what does a price of USD 53,681 mean for Bitcoin.
Bitcoin is still on an UPTREND
Bitcoin already had a strong momentum after testing a strong support price of USD 31,500 several times. We discussed how a Bitcoin consolidation is a good thing in our previous articles. The Tesla buy helped BTC prices push through the 40K price mark, but prices continued their very same uptrend, and this is clearly visible in figure 1, where we clearly see the same trend angle before and after the Tesla buy represented in a yellow rectangle.
When to expect a MAJOR correction
Most traders or crypto enthusiasts are wary about Bitcoin’s current ATH prices but want to buy BTC, and are concerned that prices will fall heavily, and in turn, them missing better prices. In fact, there’s a simple key indicator that every person should look at when wanting to enter the market, which is trendlines.
For the specific case of Bitcoin, a price breach below USD 46,000 might send Bitcoin prices down further and prepare the market for a correction. Although this is not likely at the moment, as BIG TECH companies are already looking for the possibilities to integrate cryptocurrencies and specifically Bitcoins, and that fact that alone would take BTC prices further higher.
Why a price of USD 53,681 is THE Magic Number?
Currently, Bitcoin’s market capitalization is around USD 910 Billion, and needs another USD 90 Billion to reach a market cap of USD 1 Trillion. In order to reach this market cap size, Bitcoin prices need to hit a price of exactly USD 53,681.
Bitcoin’s current price is around USD 48,900 and needs a mere increase of USD 4,781 or 9.7% to achieve this 1 Trillion dollar market cap, something that’s been proven very easy and quite achievable for BTC. The question remains WHEN will this USD 1 Trillion market cap happen…
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