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Bitcoin: Nearly bullish engulfing. $40,000 is the new $10,000

The optimistic assumptions about the redemption of the fall in yesterday's forecast came true. Is this mastery of forecasting or analytical intuition? Probably oversight and coincidence, as the fundamental background was favorable for risky assets on Wednesday.

On the daily chart of the main cryptocurrency, the breakdown of the support zone 40,977.38 - 41,980.24 turned out to be false. Yesterday's candlestick fell short of the bullish engulfing, but today's candlestick helped in buying out the fall. I think it is quite possible to regard this as a bullish signal.

But candlestick patterns are not always a self-sufficient signal of a global reversal. So let's take a look at the levels.

Now the price from below is approaching the rather important horizontal 44,807.24, marked with a red dotted line. If this level manages to pass from the bottom up and consolidate above it, it will be possible to consider that corrective fears are over. In this case, the closest target for recovery will be the area around $48,000 per bitcoin. In a bullish scenario, we should expect BTC/USD to return to $52,000 per coin and even try to update this recent high.

But an alternative scenario is also possible if the horizontal of 44,807.24 is confirmed as resistance. In this case, Bitcoin may return to the support zone 40,977.38 - 41,980.24.

This is a local forecast. But the long-term looks still quite optimistic.

Bloomberg chief commodities expert Mike McGlone expressed the opinion that Bitcoin will be among the main beneficiaries of the future.

In his tweet, McGlone wrote that although the US stock market is in decline, he considers bitcoin, gold, and US Treasury bonds as the top long-term beneficiaries.

Earlier this week, Bloomberg's chief commodity expert tweeted that he did not realize how many investors are transferring their funds from gold to Bitcoin and Ethereum. He recalled that this year gold fell by about 7%, while bitcoin rose by almost 70%. Ether has added almost 400% since the beginning of the year.

In addition, McGlone believes that the $40,000 level for the main cryptocurrency is becoming the "new $10,000" - an area around which the flagship cryptocurrency builds a base and does not fall below it during periods of correction.

Despite a correction that appears to be coming to an end, McGlone believes Bitcoin could still rise to $100,000 by the end of the year.

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