The price of bitcoin is poised to revisit the $52,000 mark after reaching highs of $51,880 on September 5. The overall market capitalisation of all cryptocurrencies is now $2.32 trillion, up 2.61 percent, with the bulk of them trading in the green.
Bitcoin’s price cemented the $49,500 and began a new upward trend. BTC moved into the positive zone after breaking through the $50,000 resistance zone and the 100 hourly simple moving average.
The price of BTC rose strongly above $51,000 and $51,500. It traded near $52,000 and reached a high of $51,950.
Looking ahead, the next major resistance is at $52000. A break above this level will bring $53200 to play. However, in case of a downtrend, $51,350 will be the major support. Subsequently $50,960 will be the next level.
While Bitcoin tries to build a stable support in the $50k-$51k zone, on-chain metrics have remained firmly bullish for quite some time.
BTC Price Analysis : $54K next stop?
Popular analyst Will Clemente has set a further bullish target for BTC price action. In a recent tweet he says, $54K is the next level to look out for.
He also tweets out about the strong rally Bitcoin is going to stage from now one.
“Long Bitcoin dominance for the culture”, “Feels like massive green candle is coming for Bitcoin soon” his tweets read.
Pumping the bullish thesis, is adoption of Bitcoin as legal tender by El Salvador which is set to happen tomorrow afternoon. Also, a 3 million members reddit community is set to buy $30 worth of Bitcoin each to commomerate the event.
Everything taken into consideration, for the week ahead, Bitcoin can be expected to rise higher and break above $54 or $55 perhaps.