The price of bitcoin reaches $ 50,000 this week
A leading analyst in the digital currency market says that bitcoin continues to rise to the level of $ 50,000, which seems more likely than other 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 a path.
To Report Kevin Telegraph, buyers started a new uptrend in the market a few days ago and finally managed to regain the level of $ 47,000. Due to this uptrend, bitcoin has been fluctuating above the starting price of 2022 since yesterday.
As can be seen from the chart above, the price of Bitcoin fluctuated around $ 46,600 yesterday after returning from its long-term support level.
The pair fell to about $ 44,300 on Friday; However, because of the continuing positive sentiment in the US stock market, bitcoin did not last long at this price.
Michaël van de Poppe, an analyst at the Coin Telegraph website, said that after the recent return of the bitcoin price 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 been able to maintain. A return to $ 45,000 will indicate a weak uptrend, after which the price may fall to $ 40,000. If that doesn’t happen, it’s probably worth the $ 50,000 bitcoin price this week.
Meanwhile, PlanB, the creator of the popular S2F model, points to the continuation of the digital currency’s relative strength index (RSI).
He said on Twitter:
Bitcoin’s relative strength index is rising, and the digital currency is now 25 percent away from its all-time high.
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, during March, it introduced a very strong intra-chain signal signal for Bitcoin.
The “Reserve Risk” index, which can be used to determine the right time to invest and receive more profit, remains in its target area earlier this week and after at least a month.
With the help of this index, the confidence ratio of long-term bitcoin holders to the price in certain time periods can be evaluated. When bitcoin holders are confident and priced low, there is an attractive risk / reward ratio for investing at a particular time, and the index will be in the green. On the other hand, when the level of confidence is low and the price is high, the risk-to-reward ratio is not attractive. In general, it can be said that investing in the 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 uptrend, however, as it turns out, the recent rise in prices is not the end of the story for further uptrends in the longer term.
