It is no secret that Bitcoin prices have been consolidating for the past month between the 30K and 40K levels. In fact, most of our previous articles even predicted this move before a clear consolidation pattern occurred. When negativity is set aside, buying momentum pushes prices higher in any market. With Bitcoin, it is the same scenario, and a bigger milestone might be set in place. Will prices manage to reach the 50K milestone?
Bitcoin Price Prediction – CryptoTicker’s Bullseye
In a previous article, we predicted a move for Bitcoin prices, specifically a jump from the mid-consolidation area all the way to the upper price area using a Fibonacci extension, highlighting a breach in the 40K price area, and more specifically, the Fibonacci extension area of USD 40,837. On the 6th of February, Bitcoin prices did exactly that, reaching the yellow circle in figure 1, and retracing back just under 40K. This trade made 13% profits.
What’s next for Bitcoin prices?
If Bitcoin’s momentum keeps pushing upwards and finds a new consolidation area above 40K, it is very likely to reach a 50K price target. Not necessarily anytime soon, although BTC is known to shoot in prices whenever momentum strikes.
There have been few drawbacks in the market, like the Indian authorities banning the use of cryptocurrencies recently again in anticipation of launching their own, or another recent Ban in Nigeria. A market reaction is yet to be seen in the cryptocurrency prices in general, but hopefully, the aggregate demand won’t be affected as much.
The whole Cryptocurrency market is UP!
In the past 7 days, most cryptocurrencies are seen in the gree, with Dogecoin and Cardano in the lead. Bitcoin is back on track, up by 17% and is currently trading at USD 39,250:
1- Bitcoin (BTC) : + 17.66 %
2- Ether (ETH) : + 21.88 %
3- Tether (USDT) : 0 %
4- Cardano (ADA) : + 92.45 % (surpassing DOT and XRP)
5- Ripple (XRP) : + 0.57 %
6- Polkadot (DOT) : + 20.36 %
7- Binance Coin (BNB): + 58.79 % (surpassing LINK and LTC)
8- Litecoin (LTC): + 17.85 %
9- Chainlink (LINK) : + 6.83 %
10- Stellar (XLM) : + 21.98 % (surpassing BCH)
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