Bitcoin may soon return to $ 50K

After Bitcoin has managed to overcome the dreaded resistance in recent days, it has all the prerequisites to continue growing.

Bitcoin may soon return to $ 50K

If you remember in our last analysis, we paid the most attention to the fact that Bitcoin faced a major problem in the $42K - $43K range, which was a long-term functional resistance.

In recent days, however, Bitcoin has succeeded, overcame this resistance and has now kept it under control for several days. This situation suggests only one thing, and that is that Bitcoin is likely to continue towards $50K.

Let us just briefly recall what events can help this growth. One of last week's most important announcements is clearly an opinion from The American Bankers' Association (ABA), which in its latest report calls on all banks to consider working with crypto companies, with reference to the potential of cryptocurrencies.

Let us not forget J.P. Morgan, which launched a Bitcoin fund for private clients or Ukraine, which plans to legalize cryptocurrencies throughout the country.

But let's take a look at what the market looks like in terms of technical analysis. As for what awaits us in the coming days, Bitcoin will most likely continue to test the $42K - $43K range. We can expect this behavior, because traders need to make sure where the safe port and thus the new support will be from now before further growth.

However, we do not think that it will take long for Bitcoin to decide to move forward towards $50K.

Important price areas:

  • New support at $42K - $43K
  • Resistance at $50K - $48K
  • Key support in the area of $28K - $30K
  • Next support at $22.5K
  • The $58,200 to $62,000 range is a reversal zone
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