Bitcoin Forecast: Bull Rally Likely, $53k Resistance Ahead

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The Essentials in Brief

The latest forecasts for Bitcoin indicate a positive short-term development. The price of Bitcoin has remained stable around the $51,000 mark for the past few days. Historical data suggests that such consolidation phases are often followed by days of high volatility. Current data suggest that Bitcoin could soon start another bull rally, which could lead to new highs.

Bitcoin Price and Market Trends

The price of Bitcoin has risen slightly in the last 24 hours. Most market indicators and metrics point to a positive development for Bitcoin. According to CoinMarketCap, Bitcoin has risen by more than 1.4% in the last 24 hours and is trading at $51,715.96 at the time of writing this article. Market analyst Axel pointed out an important Bitcoin indicator, the SOPR ratio, which is approaching the mark of 2. Historically, the price of Bitcoin has always started a rally when this indicator has reached this mark.

Trust and Risk

An analysis of data from Glassnode shows that Bitcoin’s reserve risk is currently in the green zone. When trust is high and the price is low, the risk or reward for an investment is attractive (reserve risk is low) as the possibility of a bull rally is high.

Selling Pressure and Price Development

Data from CryptoQuant shows that the Bitcoin reserve on exchanges is decreasing, indicating less selling pressure. A decreasing selling pressure increases the chances of a bull rally. Another positive indicator is the Chaikin Money Flow (CMF), which is significantly above the neutral mark.

Our Assessment

Most indicators look bullish for Bitcoin, indicating a positive short-term development. However, Bitcoin could encounter resistance near $53k, which could be a critical point for maintaining a new bull rally. Despite some concerns, such as the bearish crossover of the MACD, the outlook for Bitcoin remains overall positive.

Sources: AMBCrypto, CoinMarketCap, Glassnode, CryptoQuant, Hyblock Capital

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Casinos: 46
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 62.008,00 €
Percent Change 24h 1,54 %
Percent Change 7d -0,23 %
Percent Change 30d 1,93 %
Percent Change 60d 28,00 %
Percent Change 1y 140,92 %
Market Cap 1.218.352.218.945,00 €
Max. Supply 21.000.000
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