Investing.com – The continues to advance, with the cryptocurrency actively testing the $44,000 threshold since last night, peaking at $44,500, accentuating an upside move initiated last Friday from around $37,000.
The has thus risen by 20% in the last 4 days, which allows it to begin to reverse a chart profile that had previously been strongly negative for several months.
Bitcoin’s Chart Profile Is Now Clearly Positive
Bitcoin indeed made 2 key breakouts on Friday, crossing above a downtrend line that had blocked gains since November’s high, and crossing back above the major psychological threshold of $40,000, which caused a “short squeeze” according to some analysts, and Bitcoin then continued to rise at a slower pace.
However, although the direction of BTC is now clearly positive in the short term, the cryptocurrency faces immediate resistance around $44,000, and a pause or even a slight correction cannot be ruled out following the powerful rally in these prices. last days.
If this is confirmed, a potential short-term support is around $42,000, before the key threshold of $40K, below which Bitcoin’s newly positive profile would be questionable.
BTC at $200,000 before the end of the year?
On the rise of Bitcoin, it seems interesting to refer to an analysis note from FSInsignt released yesterday, in which analysts estimate that the cryptocurrency could reach $200,000 in the second half of the year, after an early start to year 2022 restless.
The report further pointed out that bitcoin became increasingly correlated to equities towards the end of the fourth quarter of last year and fell on the prospect of central bank tightening.
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