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Bitcoin Prices Expected to Surge in the Short-Term; BTC Might Touch $51K

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Bitcoin prices expected to surge in the short-term; BTC might touch $51K: Analyst

Katie Stockton, co-founder of Fairlead Strategies LLC, revealed that Bitcoin (BTC) prices could be due for a short-term bounce to as high as $51,000.

Bitcoin (BTC) was mildly up yesterday but shortly after the bellwether token collapsed to the range of $40K, yet again. The world’s largest cryptocurrency’s dominance is currently 40.70 per cent, a decrease of 0.29 per cent over the last 24 hours. Although, Bitcoin (BTC) had a turbulent start this week, it managed to struggle past the psychological level of $40,000 to reach slightly above $41K. The flagship token has been largely stuck in a range of about $35,000 to $45,000 this year.

Bitcoin prices expected to surge in the short-term; BTC might touch $51K: Analyst

Is Bitcoin Bracing For A Leap?

Bitcoin prices expected to surge in the short-term; BTC might touch $51K: Analyst

According to Katie Stockton, Bitcoin (BTC) could be due for a short-term bounce to as high as $51,000, assuming it can break through its 200-day moving average, which stands at just above $48,000. She said,

“We expect an oversold bounce and a higher low,”

Stockton in an earlier interview had expressed that the low trading volumes were “very normal in a sideways trending market.” She explained that if BTC prices manage to break the $45K barrier, it could welcome volumes to come back into the market. She went on to further explain,

“Think about it as a tug of war between buyers and sellers and a period of indecisiveness, I think that indecisiveness is reflecting itself in the lighter volumes, the less decisive trendy moves. Then it just becomes a question as to whether that consolidation phase reconciles to the upside or the downside.”

Analysts Are Counting On Bitcoin To Go Up

Bitcoin prices expected to surge in the short-term; BTC might touch $51K: Analyst

Mark Newton, managing director and head of technical strategy at market research firm- FundStrat, is optimistic about BTC prices bouncing over the next week, with upside targets at $43,750 up to $44,200. He remarked,

“Bitcoin looks attractive to buy dips after falling to test a nearly three-month trend connecting prior lows since early January.”

On the other hand, Antoni Trenchev, CEO of crypto lending firm Nexo, predicted that Bitcoin prices may witness a massive upsurge hitting $100,000 within a span of one year. He said that although Bitcoin’s short-term prospects are “worrying”, as the Federal Reserve starts unwinding its massive monetary stimulus program, the most popular cryptocurrency will grow stronger in the long-term.

At the time of writing, the global market cap was down to $1.87 trillion, falling by 2.15 per cent in the past 24 hours. In the same time, the total crypto market volume decreased by 4.30 per cent and is currently at $77.18 billion. 

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TOP 10 CRYPTOCURRENCY

#NamePriceMarket CapChangePrice Graph (24h)
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  • bitcoinBitcoin (BTC) $ 28,979.00
  • ethereumEthereum (ETH) $ 1,785.60
  • cardanoCardano (ADA) $ 0.463473
  • polkadotPolkadot (DOT) $ 9.48
  • litecoinLitecoin (LTC) $ 63.23
  • bitcoin-cashBitcoin Cash (BCH) $ 178.41
  • stellarStellar (XLM) $ 0.122938
  • chainlinkChainlink (LINK) $ 6.52