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Bitcoin (BTC) Price Prediction: BTC/USD Rallies above $50,000 Psychological Price Level, Further Upside Likely

Bitcoin (BTC) Price Prediction – February 18, 2021
On February 17, Bitcoin bulls broke the $50,000 psychological price level as price rallied to a high of $52,577. BTC/USD made a pullback to $51,000 low as price resumed consolidation above it. In the meantime, price is fluctuating between $51,000 and $52,500.

Resistance Levels: $50,000, $51,000, $52,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Bitcoin has been having a smooth uptrend after breaking the $40, 000 psychological price level. The price was making a series of higher highs and higher lows as bulls broke the next $50,000 price level. Bitcoin is trading at $51,884 at the time of writing. For the current rally to continue, the bulls must sustain a hold above the $51,000 support. Presently, the bulls are defending the current support above $51,000 while attempting to break the $52,500 resistance. On the upside, if the bulls can sustain the price above $52,500. BTC price will rally above $54,000 high. The price will continue to fluctuate in the present range if the bulls fail to sustain above $52,500 resistance.

Bitcoin Volatility Is Lower Than 2017 as Price Smashes $51K
According to reports, the present Bitcoin volatility is not seen as being the same when compared with the 2017 bull run. Analysts argued that the current upward momentum is maintained by lower price swings. Bloomberg strategist Mike McGlone indicated that the current Bitcoin price swings are only short-term, with the market expected to calm down. The growing institutional BTC adoption will compel Bitcoin’s volatility below that of gold. JPMorgan Chase analysts also maintained that Bitcoin’s current price rally is not sustainable unless volatility decreases significantly. This was referring to the January price rally where BTC rallied by 46% to reach a $42,000 high before declining by 30% to the $30,000 price mark.

BTC/USD – 4 Hour Chart

Meanwhile. Bitcoin has broken the $50,000 psychological price level. Because of this, the Fibonacci tool has indicated a further upward movement of the coin. On February 9 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the market will rise and reach level 1.618 Fibonacci retracement level. That is Bitcoin will reach a high of $54,347.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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