Scenario of bitcoin's first rise may repeat

There are more and more opinions that bitcoin has all the reasons for a significant rise. Some of them we have already mentioned in the previous articles.

Trader Peter Brandt interviewed by Real Vision said that bitcoin had chances to exceed the level of $200,000 per coin. He supposes that the situation when the cryptocurrency skyrocketed to $20,000 in 2017 may take place again. He also thinks that the BTC/USD pair just paused ahead of its final jump.

Peter Brandt is not the only one who appeals to history. Notably, the history of the crypto market is not that big and there could be some inaccuracies. Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, notes that bitcoin repeats the scenarios of 2013 and 2017. This may lead the currency to $400,000 as early as this year.

At the same time, MicroStrategy CEO Michael Saylor has prepared the most positive forecasts. He foresees a surge to $5 million per coin with the market capitalization of $100 trillion.

The predictions of these experts may come true. However, we will see it only some time later. Those who prefer cautious trading and want to protect their funds amid high market uncertainty should move in small steps.

Despite strong fundamental data, traders should still rely on the technical analysis. There are a lot of factors that may influence the price.

On the daily chart, we can see that the BTC/USD pair continues rising. The news that PayPal allowed payment transactions in cryptocurrency has boosted the pair. Cryptocurrencies will be converted to fiat money for online payments, which is quite convenient and eliminates the risks of high volatility of digital coins.

Nevertheless, the pair failed to break the range of $58,340.66-$59,517.79 between the red and blue dotted lines. Besides, the pair did not consolidate above its all-time high. Bitcoin's all-time high is our next target. If the price breaks this level and consolidates above it, we will provide traders with new forecasts.

There is an opinion that bitcoin is gaining strength to make a jump. This may take a lot of time. Big players may open positions within a wide range between the psychological level of $50,000 and the all-time high logged on March 13. On the chart, it is a range between the 61.8 and 161.8 Fibonacci Expansion levels.

analytics6063342f30c64.jpgThe material has been provided by InstaForex Company - www.instaforex.com

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