Bitcoin finally breaks $52k making a strong upside movement after crossing $50,500. This level was important for the continuation of the bull run. And now it seems we are moving towards a new ATH as markets recover and Altcoins and DeFi tokens see huge gains. We are not looking at much resistance before $56k which could be where some retraction and correction is seen.
The Bull run
After Bitcoin fell below $30k and the B-word event happened we had seen a solid rally with minor corrections in between. The price of BTC struggled for a while at $50k but has finally confirmed support. We know that the bulls are incharge as the price isn’t seeing much retracement even though its getting rejected a few times at important resistance levels before climbing back.
Now we should be positive and look at the next key level at $56k where the price of Bitcoin will face some resistance. If Bitcoin manages to cross that level we are looking at $60k and then a new ATH from there on. The S2F model also suggests a $100k price target by the end of the year for Bitcoin. Even analysts from firms are giving the same target for BTC by the end of this year. If that happens we will be able to witness a double top pattern in the 2021 bull run.
Another great thing about the market recovery is the FOMO that it will bring. We know that a lot of paper hands sold to whales between $30k-$35k and they are going to buy back again.
Indicators are bullish
In 2017, when the price of Bitcoin crashed we saw that a lot of long term hodlers sold their coins. And this resulted in a huge dip. But in 2021 the hodlers are not even touching their coins. In fact, they are buying more as the price action gives them opportunities. It is also seen that compared to the last cycle, large investors and institutions are in the market even after the correction. On chain data also shows that most of the transactions in the network are new coins while old coins are not moving.
What are your thoughts on the continuation of the bull run as Bitcoin breaks $52k? And do you think we are going to see a new ATH by the end of this month? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.