Bitcoin On The Verge of a 34% Rally?
Bitcoin is due for some swings upward and I would not doubt we will see a rally back upwards very soon
Bitcoin is on the verge of a 34% rally as technicals signal risk-on mode for cryptocurrencies, Fairlead’s Katie Stockton says
Bitcoin could be on the verge of further upside as technicals signal a risk-on environment for the cryptocurrency market, Fairlead Strategies’ Katie Stockton said in a note on Monday.
Stockton sees bitcoin ultimately jumping to $51,000, representing potential upside of 34% from current levels, following a consolidation of its recent gains. Bitcoin jumped more than 40% since its July low of about $30,000 before it topped out at resistance near $42,600.
“We expect the pullback to mature in 1-2 weeks near the 50-day moving average (~$34,800), after which bitcoin is likely to clear $42,600 for a revised upside target of a secondary fibonacci retracement level near $51,000,” Stockton said.
