Fractal Bitcoin Analyst Says BTC/USD Will Hit $50,000; Here’s Why

Screenshot 2021 02 08 at 12.07.50 PM 980x416

Bitcoin is showing signs of continuing its uptrend to claim a new record high, as per analysts at TradingShot. The independent market analysis portal said in a note published Sunday that it sees the BTC/USD exchange rate to hit $50,000. Its bullish outlook took cues from a fractal from October 2020 that sent the pair’s bids from as low as $11,000 to its all-time high near $42,000 in early January. A $50,000 Bitcoin TradingShot analysts used candlestick patterns in conjunction with moving averages (MA) to identify potential reversal and continuation patterns in the Bitcoin market. For instance, the cryptocurrency broke above a descending trendline resistance in October 2020, only to retest it later as support after getting rejected by an Ascending Channel. Later, it tested the 50-period MA as support, bounced back, and established new highs. Bitcoin’s fractal from 2020 shows it routing towards the $50,000 level. Source: BTCUSD on…

Read the original article here