Analysts: The price of bitcoin will reach $ 50,000 this week

A leading analyst in the digital currency market says bitcoin up to $ 50,000 seems more likely than other existing scenarios. In addition, the situation of some indicators related to the price of bitcoin also shows that the market for this digital currency is on the rise at the beginning of the road.

According to the Kevin Telegraph, buyers started a new uptrend in the market a few days ago and finally managed to regain the level of 47,000 dollars. Due to this upward trend, bitcoin is fluctuating above the starting price of 2022 from yesterday.

Bitcoin / Dollar One-hour chart
Bitcoin price chart for one hour.

As can be seen from the chart above, the price of bitcoin fluctuated around $ 46,600 yesterday, after returning from its long-term level of support.

The pair fell to about $ 44,300 on Friday; However, Bitcoin did not last long at this price, as positive sentiment continued to dominate the US stock market.

Michael van de Pope, an analyst at the Coin Telegraph website, said that after the recent return of the price of bitcoin and the maintenance of new support, it is now possible to reach the level of $ 50,000.

He told his Twitter followers on April 2 (April 13):

It seems likely to continue to rise from the important area that bitcoin has managed to maintain. A return to $ 45,000 will show a slight uptrend, after which the price could fall to $ 40,000. If that doesn’t happen, it’s probably worth the $ 50,000 bitcoin price this week.

4 hour chart of bitcoin to dollar with analysis by Michael van Depop
Bitcoin price chart; Van Depop’s analysis of the 4-hour Bitcoin / Dollar market view.

Meanwhile, PlanB, the creator of the popular S2F model, points to the continuation of the relative strength index (RSI) of the digital currency.

He said on Twitter:

The relative strength index of bitcoin is rising, and the digital currency is now at 25 percent of its highest level of all time.

Bitcoin relative strength index
Bitcoin relative strength index.

It is worth mentioning that the upward performance of the relative strength index in recent weeks has been accompanied by a jump in prices.

Meanwhile, in March, the index within the chain provided very strong signals to buy bitcoin.

The Reserve Risk Index, which can be used to determine the right time to invest and make more profit, remains in its target area earlier this week and after at least a month.

With the help of this index, the ratio of trust of long-term bitcoin holders to the price in certain periods of time can be estimated. When bitcoin holders are confident and prices are low, there is an attractive risk / reward ratio to invest at some point and the index will be green. On the other hand, when the level of trust is low and the price is high, the risk / reward ratio is not attractive. In general, it can be said that investing in times when this index is in the green range will generate more profit in the long run.

The Bitcoin Asset Risk Index shows signs of an upward trend, but it turns out that the recent rise in prices is not the end of the story for further upward trends in the long run.

Risk index for bitcoin assets
Risk index for bitcoin assets.

Analysts’ publication: The price of bitcoin reaches $ 50,000 this week appeared for the first time in Digital Currency.

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