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Bitcoin Market Analysis – 15.03.2021

All looking great here, it’s being an impressive turn-out of event for BTC, as the last candle yesterday, moved BTC to an all-time high of $61,950. It’s becoming more exciting, as the next major point of interest is at around $72,000, and this could be reached literally in few days; only if Bitcoin can hold above few key support levels-$52,500-$56,100.

We are in a bull market with persistent dip-buying by institutional investors, which signal that BTC price has much room to new highs. Such institutional involvement is causing spikes on the price of Bitcoin. We shouldn’t set-aside the sentiments that emanate from such interest, which has been a driving force to the pump-up rally.

Meanwhile, the blistering BTC rally has made investors want to hold their Bitcoin for the long term, indicating strong demand. With such strong demand going on, expect more rallies that could take BTC to an ATH of $150k in the third quarter of the year.

The best climate for Altcoins is an upward moving Bitcoin with minor stops, as this gives investors a calm market environment to trade Altcoins. This has contributed to some Altcoins, showing more strength as well and giving investors reason to add more Altcoins to their portfolios.

Looking at the BTC daily chart, showed a massive breakout above $56,100. This rally led to an all-time high of $61,950 but later pulled back to below $57,000 today, 15th March. This has automatically turned the $56,100 level into a critical level to hold. As long as BTC sustains above that level, the uptrend is intact and the massive run is likely to hit $72,000.

We have two scenarios here, as we’re in day-51 cycle high. The 1st scenario is to have an instant uptrend up-to day-58 cycle high before any possible consolidation (a short-term frame) which will strengthen the rally for more blow-off top move. Another scenario is to have a straight sideway range consolidation (in a short-term frame) which could serve as a base for a big move later. Whichever scenario that plays out in this right translated cycle, will still end in an uptrend movement.

Fig.1.Bitcoin:$56,100 level is the critical level to hold for the next leg of the uptrend to be sustained.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

In all of these scenarios, let’s not lose our position in this bull market.

From the BTC weekly chart, shows a massive run in the last three days, exceeding the BB and has an excellent volume on the break. The 20-day MA is sloping up in the present cycle high, indicating that bulls still have a lot to offer.

New All-Time Highs are in the horizon; never lose sight of the big picture on Bitcoin.
We’re going to clear more all-time levels, even though, the cycle count is suggesting a possible short term consolidation. Whatever be the case, the uptrend is intact and the BTC is ready to maintain its position in the bull market.

Fig.2. Bitcoin: The chart shows an excellent volume on the break signaling more strength for the rally. Source: bitcoin.live

Overall, we’ve a strong bull market, the 4 years cycle looks beautiful and everything is aligning perfectly right now.

🔴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