Bitcoin upside target reveled
|Many of us wonder how far Bitcoin will go with the next wave up. Will it hit $10k, $20k or even $50k? Given the fact of a strong bullish run, Bitcoin will need more time to produce an all time high. Market has to take a longer break and consolidation could continue for another 6 months.
The current rise of the Bitcoin could result in a strong growth, very unlikely that it will break above $20k in the medium term, but it is very likely that the price will reach $18,000 – $19,000 area. For some reason $18,888 just comes to the mind.
Technically speaking, price has broke above the descending channel and rejected the uptrend trendline, followed by the break above the 200 Moving Average (which later this year should act as the support). The trend now seems to be bullish and in the next couple of months Bitcoin is expected to hit 88.6% Fibonacci retracement, that is $18,300.
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