Bitcoin Price Could Reach $50K Next Week

Hut 8

Bitcoin managed to consolidate its position above the yearly open on the 2nd of April after it made a return to form with a price of $47,000. According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that the BTC/USD pair circled around a price of $46,600 on Saturday- resting on the back of a clear bounce at the long-term support that it was receiving. The pay had also dipped to lows of around $44,300 on Friday. This definitely was quite short-lived as most of the positive sentiment took control into the Wall Street open. 

Bitcoin Price Would Be Seeing A New Growth Next Week

According to Michael van de Poppe, the contributor of Cointelegraph, there has been a confirmation to retain newly flipped support- with the odds currently on an attack on $50,000. He spoke about it to his Twitter followers where he mentioned that this was quite a crucial area for Bitcoin– in which continuation seemed pretty likely. He further mentioned that if they were to visit the range of $45k again, it could be seen as a sign of weakness, and then they would have to go back to the $40k area. 

The analyst that had developed the popular stock-to-flow price models of Bitcoin, PlanB, went on to note continued strength in the relative strength index of the cryptocurrency. As recently reported by Cointelegraph, the bullish performance of the RSI had also accompanied major price squeezes throughout the last few weeks. 

The last month saw one on-chain metric starting to deliver far stronger buy signals for the Bitcoin-USD pair. Reserve Risk, which went on to offer an indication of when they would have to invest in order to guarantee outsized returns over time, went on to stay in its target zone this weekend.