Bitcoin(BTC) Price May Spike More than 50% to Reach $70K in the Next 2 Months!

The post Bitcoin(BTC) Price May Spike More than 50% to Reach $70K in the Next 2 Months! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin price is becoming more and more stagnant as its swings within the very narrow range from more than a month. However, many expect a strong upward trend reversal may soon knock on the doors. But the technicals suggest no room for any upside movement in the near future. However, the BTC price is still pretty much bullish in the long-term and is capable of reaching its ATH probably by the end of Q1 2022. 

Technical Indicators & Pivot Points

Oscillators/Pivot PointsShort-Term / ActionLong Term / ActionStochRSI78.06 / Neutral17.81 / NeutralMACD (12, 26)-41.4 / Buy-1307.6 / BuyMoving Average (MA) – 50$46,500 / Sell$51,104 / SellMoving Average (MA) – 200$47,300 / Sell$49,100 / SellResistance$47,360$52,695Support$45,362$41717

The StochRSI in the short-term and long-term is neutral and hence no significant price change may be expected. However, the MACD points towards a buy signal in both cases, indicating a good time to buy and HODL Bitcoin.

Chart Patterns Suggests A Strong Bullish Reversal is Imminent

Bitcoin price in a larger time frame appears to be pretty bullish. No doubt in the smaller time frame, the asset could undergo numerous ups and downs, yet it is much required for a healthy rally. And hence in the upcoming days, BTC price could initiate with a recovery that may range high to hit the resistance levels very soon.

The Bitcoin price in the long term is trending within a huge raising wedge and the apex is pretty far-off

The asset visited the lower support levels in mid-July, and quickly flipped and jumped to hit the upper resistance levels

BTC price is yet again hovering around the lower support levels after a long gap and hence a similar action is anticipated during the upcoming rally

If Bitcoin follows the same pattern, then it may reach the upper resistance levels which reside around the current ATH which may be followed by yet another correction

However, following a surge and correction, the price is primed to range close towards the apex of the wedge and later one can expect a notable pullback or correction.

Overall, the BTC price may be pretty bearish but with small price movements, the asset may flip the bearish divergence. And hence in the short-term, Bitcoin may fluctuate within the consolidation, yet in the long-term BTC price is thriving.

Also Read : Ripple Vs SEC: XRP Price Primed To Surge 98% in Q1! Will ODL Recover the Lawsuit’s Erosion?

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