The world’s highest-rated crypto by market capitalization, Bitcoin temporarily hit a $48,000 price value, recording the eighth day of the consecutive increase.
This move is another justification for a repossessed upward movement after the flare-up from its price ceiling of about $42,500 on the 22nd of March.
Charts from TradingView recorded the downwards sloping trend of bitcoin to $46,500 which was followed by a rise that struck $48,000 just before the New York Stock Exchange opening time.
BTC/USD Hourly trading chart. Source: tradingview.com
At this point, traders confidently doubt the potential of bitcoin experiencing any downward trend below a $30,000 rate.
Prominent trader, Crypto Ed has acknowledged that the bullish trend of this coin is very much happening at the right time. As stated in his current Youtube brief, “Hope for a little bit more down today, but often in these kinds of bull markets, it’s too much asking for.”
Ed was on the lookout for a processing comeback during the downtime experienced right from the last summer period. However, while there might be a technical flash of this downtime again, it is very unlikely.
According to Ed, a bullish trend as such following this comeback might land the coin an all-time targeted high of $80,000.
For the likes of Matthew Hyland, crypto analyst, the lookout for confirmation trends was a priority. According to his comment, “The Bitcoin 3-Day Supertrend is very close to flipping bullish!”
This has been much anticipated since the early days of December last year. To bring this to completion, bitcoin might have to crash and rally around the $49,000 line on a 72-hours chart.