It’s the beginning of a new week and the most appropriate time to analyze what would happen to Bitcoin in the new week.
Throughout last week, Bitcoin kept rallying between $42,000- $48,000 while almost breaking the bearish point to about $49,714 yesterday.
However, the price began another downward spiralling below $46,000 which is approximately $1,587.22 loss within 24 hours.
Bitcoin getting closer to the bearish point over the weekend may signify the beginning of a significant level for the widely exchanged coin.
When the cypto coin rallied around $49,714 yesterday, investors got to the edge of their seats expecting it to reach $50k.
Getting the cryptp coin to attain $50k has been the talk of people. While showing his optimism as regards the bull movement and expectations, a Bitcoin enthusiast and investor, @pomp, tweeted yesterday that “today feels like a good day for Bitcoin to break $5,000.”
This expectation was criticized by Micheal van de Poppe who tweeted that #Bitcoin market does not move on a straight line.
He had earlier warned that the up and down movement of the Bitcoin is not sustainable without a greater pull back.
Analysis of the crypto’s last week candle is historical. Before last week, the daily candle on Bitcoin chart have not been so great.
So far, February has experienced the largest ever daily candle. The reason for this may be due to series of policies by multinational companies to support crypto exchange.
Last week alone, MasterCard and America most oldest bank, BNY Mellon, declared their supports for Bitcoin after Tesla announced its $1.5billion investment.
More of these events are expected to happen this week as there are rumors that Morgan Stanley, one of the biggest investment banks in the US, is considering investing in BTC.
Also, the price of USD has been faltering while the crypto keeps gaining strength. A post by European Central Bank on Valentine’s Day that the bank will keep financing conditions till the end of the crisis was retweeted with quote by Saifedean Ammous, author of “The Bitcoin Standard” that the central bank’s tweet is the reason why fiat holders keep gasping over one imaginary crises to another.
However, he stated that there are “Lots of brrrrrr to be made whenever there is crisis.” This ,means that, while the USD falters daily, Bitcoin investors keep earning more.
With the level of increase in February daily candle on the chart and dwindling rate of USD, The crypto is expected to break the bearish point and hit above $50k before the week runs out. This is not the best time to sell but to invest and hold.
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