Sirwin
Sirwin

Bitcoin $4T Market Cap by 2022? (June 18 Forecast)

By Biz Wisdom | Crypto Daily FX | 18 Jun 2021


Bitcoin slid a bit further on Thursday, starting the day off around $39K before pulling back to about $37.5K. Bitcoin appears to be correcting a bit after rallying to a short-term higher high, so we'll be watching to see what BTC does at the 200 Day EMA not far below.

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(June 17, 2021  8:30PM EST)

Short-Term: 

Looks like Bitcoin's bottom is all but in, so as long as the 200 Day EMA holds, Bitcoin should be consolidating for a breakout higher, targeting the 50 Day EMA around $43.8K and then $50K. A break above the 50 EMA would be a bullish divergence and inspire technical buying as the uptrend resumes on the daily chart. May was the highest trading volume month for Bitcoin ever, resulting in huge amounts of deleveraging and accumulating by longer-term holders and cold wallets. We're in the tail end of a "buy zone." One month ago when BTC was $60-65K, anyone would've begged for another chance to buy BTC under $40K (let alone under $38K); now we have that opportunity. Let the data be your guide, nor your emotions or market sentiment. 

 

 

Bitcoin Market Cap (Weekly):

4bb48888b9d71088c648d932efabf691d26682077f470c3a518f3d21a377f315.png

 

 

Support: 200 Day EMA around $36.9K, then $35K. 

Resistance: $40K, then $45K. 

 

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Biz Wisdom
Biz Wisdom

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