$BTC As the Chinese Lunar New Year of the Dragon approaches, Bitcoin targets $50,000.
After a long period of stabilization, the price of Bitcoin (BTC), as well as Ethereum (ETH) and Ripple (XRP), began to move. Markets are showing signs of life heading into the Chinese Lunar New Year of the Dragon next weekend, and the general trend is towards recovery. This year is a symbol of power.
Anna Wong, board member of the Organization of Chinese Americans, expressed joy at being in the Year of the Dragon, describing it as a strong and auspicious year. She added: âAnd everyone feels lucky when they experience the Year of the Dragon.â
This weekend, the price of bitcoin could reach $50,000.
Bitcoin (BTC) price surpassed $45,451, the midpoint of the supply zone. There is a block of orders from aggressive sellers in the supply zone that ranges from $44,235 to $46,715. This weekend, if Bitcoin manages to close above its midline, it has the potential to continue its gains up to $48,000, or in a truly optimistic scenario, $50,000. Such a change would indicate a 5% increase from the current level.
An indicator of upward momentum, the Relative Strength Index (RSI) is moving north. Also showing a strong bullish wave, the Moving Average Convergence Divergence (MACD) is in positive territory, with histogram bars flashing green.
The relative strength index (RSI) is above 70, indicating that Bitcoin is in an overbought state and may soon experience a decline. Another risk for a possible increase in the price of Bitcoin is early profit taking, which would cause the price of the cryptocurrency to fall to the $40,650-$43,750 area.
