Monday, January 24, 2022

Full Steam Ahead: Bitcoin Price Set to Hit $2000 Soon?

Full Steam Ahead: Bitcoin Price Set to Hit $2000 Soon?

Bitcoin indicators flipped up when prices reached $1600 this week. A new scenario has appeared, with increasing participation of western operators. Will it go even higher?

Also read: Bitfinex Engages Friedman LLC for Full Financial Audit

Bitcoin Price Technical Analysis

Long-Term Analysis

Bitcoin Price Technical Analysis

After smashing through the $1350 resistance, prices climbed to a $1600 technical objective. A new scenario now appears, flipping up all indicators. According to Fibonacci Retracement Numbers, quotes could take profit but stay on the bullish run — even as they test $1400, $1250 or $1100 depending on fundamentals, news and political factors. Lower Intermediate bounce levels can be evaluated at $1000 and at $850.

Mid-Term Analysis

Bitcoin Price Technical Analysis

After breaking the all-time high at $1350, bitcoin activated a psychological trigger that fired the climb to $1600. According to indicators traders still overbought, waiting for higher prices into the up rally. The next resistance could be $1750, while prices seem to be performing a pennant pattern that would drive quotes to the technical mark. According to indicators, volatility is extremely high and prices could zig-zag from the theoretical bouncing points on their way to the next big psychological goal… at $2000.

Short-Term Analysis

Bitcoin Price Technical Analysis

According to Gann Angles Theory, the bullish scenario is active at $1600. We could estimate the next objective at over $1750 depending on fundamental data, political factors and multimedia news. However the bearish scenario can be dismissed, after prices surpassed $1350 within the upward scheme of the same theory. According to Japanese Candlestick Analysis, prices could keep on going up after a smooth profit-taking, even in a briefly-lateral sideways market.

What do you think will happen to the bitcoin price? Share your predictions in the comments. 

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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