Until the end of March, Bitcoin will remain in the current range. The following bullshop is $ 70,000 - $ 75,000
How it all began
In 2020, after a strong drawdown, due to the Pandemic, the BTC / USD pair recovered from marks near $ 3,500 to the values of just above $ 10,000.Many analysts viewed this movement rather as a corrective, tie it to Halving BTC in May. Nevertheless, despite the pessimistic predictions and moods, Bitcoin managed to stabilize in the area of $ 10,000 - $ 13,000, after which the quotes of the main cryptocurrency with confident pace went to the value of $ 19,870 - the 2017 maximum.
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Overcoming this level marked the triumphal return of bulls on cryptocurrency markets.
From the same time, the second wave of the ascending trend began, which, in my opinion, ended at $ 58 335. The correctional phase of this wave we observed at the end of February, when the pair of BTC / USD sharply roll back to the value of $ 46 136.
The market is preparing for a third wave
Now market participants are preparing for the third growth wave and stabilize prices in the range of $ 53,000 - $ 56,000. A technical trigger for further growth can be confident overcoming the mark of $ 59,000, which can provoke a massive closure of short positions.
The objectives of the third wave of growth in a moderate event development scenario can be a mark of $ 70,000 - $ 75,000, with an optimistic scenario - $ 90,000 - $ 100,000. These objectives are approximate, since due to the strong dynamics, cryptocurrency is difficult to give some exact projections.
Trap for bulls will not work
In addition, I will note that another scenario of the development of events is possible - the so-called "bull trap", when the maximum breakthrough the price turns into the opposite direction. But in my opinion now, the likelihood of such an event is not more than 30%, since there are strong fundamental factors on the side of Bitcoin.First, these are measures taken by world securities to stimulate the economy and counteract the crisis that was caused by a pandemic.
Secondly, the recognition is cryptocked by leading players of traditional financial platforms. This includes news about $ 1.5 billion Tesla investments in Bitcoin, and the yield of Etheruum to the Chicago Commodity Exchange. All this strengthens Bitcoin's position and makes more likely to continue the upward movement.
When the trend starts to fade
Most likely, the tendency to growth will pay its turnover when global Central Bank and governments will begin to signal about gradually folding financial incentives. This should precede systematic positive macroeconomic data from the United States and Europe.
No matter how paradoxically, the longer the United States leaves the pandemic crisis, the most likely, I will better feel cryptocurrency. I believe that global support for financial markets will last at least until September of the current year. In the meantime, investors adjust the positions in their investment portfolios, and most likely, until the end of March, the cryptocurrency exchanges will be observed a sawturine movement in the range of $ 53,000 - $ 56,000.
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