- Bitcoin saw some wild price action yesterday on the heels of news surrounding Tesla’s massive $1.5b Bitcoin purchase
- The crypto instantly rallied from the upper-$30,000 region to highs of $45,000 before it found some resistance
- Following a brief consolidation phase and slight selloff, the crypto kicked off round two of its uptrend later in the afternoon, surging to fresh all-time highs of $48,000
- Its price now seems to be fairly stable and isn’t showing any immense signs of weakness at the moment
- This could indicate that a significant move is higher in the short-term and that late buyers who are scrambling to gain exposure are helping drive it higher
- One analyst is now setting his sights on a move up to $55,000 in the near-term
Where the market trends next will undoubtedly depend largely on whether or not BTC sustains this momentum, as it could lead to a new wave of parabolic expansion.
While sharing his thoughts on BTC’s near-term outlook, one analyst observed that a move up towards $55,000 is probable in the near-term, with this being a level of potential resistance.
Bitcoin Stable Following Massive Upwards Movement
The fact that bulls have been placing a steady stream of buying pressure on the crypto indicates that it is entering a new parabolic growth phase.
Each dip has also been aggressively bought into over the past day, which is a positive sign for the crypto’s near-term outlook.
Trader: BTC Likely to See Move to $55,000 as Uptrend Continues
He notes that this surge could come about as the result of a recent range break.
“BTC: Closed clean above our range high. Expecting continued upside towards 55k in the coming days / weeks.”
Image Courtesy of George. Source: BTCUSD on TradingView.
Featured image from Unsplash. Charts from TradingView.