In a 24-hour timeframe, the cryptocurrency maintains an upward trend. If on the 4-hour TF we paid attention to the fact that the upward movement is slowing down, and the price may leave the ascending channel in the near future, then on the 24-hour TF, there are no signs of slowing down or complete yet. On the contrary, the price is very far from the ascending trend line, so almost any correction in size will not be able to break the "bullish" trend. In addition, the price continues to be located above the critical line, and over the past few weeks, it has tried to gain a foothold below it 10 times, but never successfully. Thus, at this time, we do not see a single sell signal.
Meanwhile, various crypto experts continue to share with the market forecasts of the value of bitcoin. For example, the author of a fairly well-known Stock-to-Flow model believes that at this time bitcoin is only in the middle of an upward trend, the highs of which are much higher. According to the expert, the "bullish" impulse will last for another 3-6 months, and by the end of November, bitcoin will rise in price to $ 98,000 per coin. In December, the cost of one coin will be $ 135,000. Well, for 2022, PlanB predicts $ 500,000. It should also be noted that its model is based on calculations of the relationship between the supply of an asset and annual growth. It is difficult to say how real this forecast is. Recall that you can always say that the forecast was not fulfilled or insurmountable factors intervened that spoiled everything. However, it is worth noting that PlanB's forecasts for the price of bitcoin for August, September, and October have come true. However, other experts do not consider the Stock-to-Flow model to be unambiguously correct. There are concerns that the current forecasting using this model is so correct simply by coincidence. Many experts note that predicting the value of bitcoin in a growing market is not the most difficult task in principle. You just need to voice real, not fantastic, goals. At the same time, many note that the cryptocurrency market continues to inflate. And if it inflates, it will burst sooner or later. No one knows when this will happen, but there is no doubt that bitcoin will have to survive at least one more global fall in its history.
The bullish trend continues on the 24-hour timeframe, and the ascending trend line remains, which eloquently signals the mood of market participants and can promptly notify about the beginning of a correction or a new downward trend. As long as the price is above Kijun-sen, we advise you to stay in bitcoin purchases with the goals of $68,910 and $71,147. Fixing below this line will be a signal for a downward correction with the goals of the Senkou Span B line and the trend line.
The material has been provided by InstaForex Company - www.instaforex.com