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Bitcoin Market Analysis – 15.02.2021

It’s been a weekend of excitement as BTC continues its monster rally, having recorded an all-time high of $49,487 on Feb.14th. As we’re about hitting the psychological resistance of $50,000; BTC remains on an upward trajectory of price discovery, despite today’s pullback. The periods of consolidation and pullbacks to retest underlying support have paid-off in sustaining the upward strength as we’re about to enter the next leg of the uptrend to $60,000.

While Bitcoin (BTC) is facing a potential new all-time highs, other coins such as Ethereum are showing strength as well. Ethereum has similar moving construction with BTC in terms of higher high and Moving Averages. This has ignited a positive outlook to the entire crypto market. Today we have a pullback, but I have been following the trend and I have looked for sign of weakening, I couldn’t see one.

From the BTC daily chart, the rally has been sharp with a beautiful cycle structure right here.

The recent peak high at $49,487 has shown a breakthrough of $44,580 to $46,740 areas which would warrant a new test of the all-time high region and possible continuation toward $50,000 and even $60,000.

In a right translated cycle, we may look forward to 55-day cycle high around March 23rd and in that case, the market could go frenzy to $80,000.

Fig.1.Bitcoin: A 55-day cycle high around March 23rd that could take us to $80,000 is on the horizon.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The trend looks beautiful at the moment as the cycles are very much back on track.

Looking at the BTC weekly chart, we have solid accumulation of volume and the RSI in the overbought territory showing, a clear uptrend structure.

The price could see a blow off here in the intermediate time frame as many bullish signals are still flashing and the price indicators are showing more strength.

Fig.2. Bitcoin: High accumulation of volume and the RSI in the overbought territory, giving us a strong indication of more vertical movements.
Source: bitcoin.live

I don’t see Bitcoin topping out soon.

From the BTC monthly chart, shows 5 green candles in a row, exceeding the monthly BB by 3 candles. We’re beginning to have a similar blow –off top move here like the one  in 2013, where the price blew-off from $10 to $100 within a couple of weeks.   The 4 year cycle is rising nicely and we need to trust what this bull market is telling us and hold on to our position.

Fig.3. Bitcoin: 5 green candles in a row, exceeding the monthly BB by 3 candles. Source: bitcoin.live

In all of these, all I could see is a healthy continuation pattern for the upward trend and BTC is beginning to look unstoppable.

🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service


🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service