Corrección anticipada a medida que Bitcoin pasa $51,700 en Parabolic Rally

Otro día, another all-time high for Bitcoin.

The benchmark cryptocurrency continued its upside trend heading into the European session Wednesday as its price jumped above $51,700 for the first time in history. mientras tanto, its market capitalization surged to over $960 mil millones, just 3 percent shy of hitting $1 billón.

“We should hit $2 trillion this year,” said Ronnie Moas, the founder of Standpoint Research, after the rally. "Los 2021 price target is $112,000.”

Fundamentally-Driven Bitcoin Boom

Traders increased their bids in the cryptocurrency market after Nasdaq-listed software intelligence firm MicroStrategy announced that it plans to buy $600 million worth of bitcoins by raising funds via a debt sale. It already holds more than 70,000 BTC en sus reservas, whose current worth is a little over $3.5 mil millones.

Bitcoin was already riding higher after Tesla, a Fortune 500 empresa, revealed that it holds $1.5 billion worth of BTC in its reserves. The US carmaker also raised upside speculations in the Bitcoin market after announcing that it may purchase more of the cryptocurrency and might even start accepting it as a payment mode for its products and services.

Bitcoin, criptomoneda, BTCUSD, BTCUSDT
Bitcoin is close to hitting a $1 trillion market valuation. Fuente: BTCUSD en TradingView.com
Bitcoin is close to hitting a $1 trillion market valuation. Fuente: BTCUSD en TradingView.com

The latest spike brought the Bitcoin price up by 56.07 percent in February and in March 76.32 percent on a year-to-date timeframe. Measured from its mid-March nadir of $3,858 el año pasado, the cryptocurrency was up 1,188 por ciento.

Further Upside or Correction?

Many analysts anticipated the Bitcoin price rise to continue further into the quarterly session, with upside targets flying between $52,000 y $65,000 all over social media.

Sin embargo, some analysts also recommended traders wait for a confirmed breakout before extending their long position targets. A pseudonymous analyst noted that Bitcoin’s latest upside move pushed it over a crucial short-term resistance level, but that does not guarantee a further parabolic move ahead.

Bitcoin, criptomoneda, BTCUSD, BTCUSDT
Bitcoin needs to confirm the resistance trendline as new support to confirm a breakout, as presented by the Crypto Cactus. Fuente: BTCUSD en TradingView.com
Bitcoin needs to confirm the resistance trendline as new support to confirm a breakout, as presented by the Crypto Cactus. Fuente: BTCUSD en TradingView.com

“Imagine being chopped out on this, now [that the] price is showing a clean breakout of this key trendline resistance,” the analyst stated. “We should technically expect a retest at some point of this trendline to validate it has been flipped into support before moving much higher in the macro.”

mientras tanto, Bitcoin entered an overbought zone on its daily timeframe chart, per its Relative Strength Index readings. That points to an imminent downside correction/consolidation in the sessions ahead.

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Fuente: Noticiasbtc

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