If we look at the technical sides of things, we can see the daily chart has created a head and shoulders pattern. Although it has not broken the neck line just yet, it has constantly closed above 40K on daily. which is great sign. Now if we look at the weekly chart, we can draw a nice accurate bullish trend line from Nov 2020 to now. On top of that if we go back to the daily chart we can see that we are at a nice strong volume zone from which price can bounce off of, acting as a nice support zone. If price falls below this support son we will be breaking the trend line as well. So if this were to happen we can possibly go down to 37K area which also falls on the 78.6% on fib and another nice support zone. We should definitely look for a bullish sign from there if this scenario occurs. From the fundamental perspective this is occurring due to the tighter US monetary policy and federal reservers aggressive policy action.
Fair and square, I personally believe bitcoin still has potential of going to 80K by the end of the year, if not, sooner. Also I suggest all other crypto enthusiast to keep an eye out for XRP, big things coming for this in the near future.
Fair and square, I personally believe bitcoin still has potential of going to 80K by the end of the year, if not, sooner. Also I suggest all other crypto enthusiast to keep an eye out for XRP, big things coming for this in the near future.