Raliul de recuperare a Bitcoin ar putea reveni rapid la 42,000 de dolari, susține analistul PrimeXBT Kim Chua

Bitcoin price is currently in recovery mode after briefly plummeting below $30,000. According to PrimeXBT market analyst Kim Chua, the recovery has legs and could take Bitcoin to $42,000.

To little surprise, comments from eccentric Tesla CEO Elon Musk caused the price of Bitcoin and other top cryptocurrencies to surge, and forced short sellers to cover their positions. The powerful move also quickly prompted FOMO from new market participants that were waiting on the sidelines for the range to eventually break.

From Below $30,000 To $40,000 In A Week

Bears have failed to push Bitcoin below $29,000, which resulted in a higher low above the last local low around $28,600. The bounce formed a bull flag pattern between $29,000 and $33,000, which resolved to the upside and pushed Bitcoin out of its few-month-long downtrend.

Bulls Show Strength Relative To Massive Move

The Relative Strength Index is confirming the move with an equal movement higher in tandem with the breakout, and the strong showing by bulls has pushed the price per BTC through resistance at $36,500. A large magnitude of short positions were squeezed, which sent the cryptocurrency nearly to $40,000 in minutes on Sunday night. But bulls might not be done yet, according to Chua.

Support Holding Could Send Bitcoin To $42,000

The market has retraced slightly after such a powerful movement, but support is holding significantly above the key $36,500 level. Chua says that if this display of “strong buying conviction” continues, more upside is ahead. If Bitcoin can continue to hold, FOMO and momentum could carry the leading cryptocurrency by market cap all the way to $42,000 where it will face the next level of high timeframe resistance.

Despre Kim Chua, PrimeXBT Analist de piață:

Kim Chua este un specialist în tranzacționare instituțională, cu o experiență de succes care se extinde pe bănci de top, inclusiv Deutsche Bank, China Merchants Bank și multe altele. Chua a lansat ulterior un fond de acoperire care a obținut în mod constant randamente de trei cifre timp de șapte ani. Chua este, de asemenea, o educatoare care și-a dezvoltat propriul curriculum propriu de tranzacționare pentru a-și transmite cunoștințele unei noi generații de analiști. Kim Chua urmărește în mod activ atât piețele tradiționale, cât și piețele criptomonede și este dornic să găsească investiții viitoare și oportunități de tranzacționare, pe măsură ce cele două clase de active foarte diferite încep să convergă.

Source: https://www.cryptonewsz.com/bitcoin-recovery-rally-could-quickly-climb-back-to-42000/