Yesterday’s publication of the inflation rate in the United States suggests the imminent rise of the queen of cryptos. Bitcoin (BTC) seems to be headed towards an inevitable $50,000.
Bitcoin (BTC) keeps the trend up.
The US annual inflation rate was lower than forecast (3% instead of 3.1%). These macroeconomic data favor a rise in BTC, but it is struggling to break the $31,000 mark in the long term.
Despite this, Titan of crypto, a crypto analyst with more than 38,800 followers behind him, remains optimistic in his analysis on Twitter. Although some are predicting further corrections, this analyst is confident that “bitcoin (BTC) at $50,000 is inevitable.”
On the BTC monthly chart, it shows a recurring cyclical pattern since 2012. The Tenkan (in red) is a breakout, followed by a rise to the last peak of this indicator (in green).
With the rise seen at the beginning of the year, bitcoin (BTC) managed to cross the monthly Tenkan. Therefore, according to this cycle, the rise should continue to $50,583, the level corresponding to the last highest level of the Tenkan.
Only a catalyst is missing.
It is important to remember that the sharp rise from June 15th came after a fall in the CPI in the United States. Then, the demand for Bitcoin ETFs from Black Rock definitely fueled the bitcoin (BTC) price explosion. Both these conditions are now almost fulfilled.
In fact, the macroeconomic data (inflation rate) published yesterday is favorable for the rise of bitcoin (BTC). If Bitcoin ETFs are allowed, a bullish recovery is coming.
In this case, a buy position at $29,534 could be interesting. The closest target is $35,000, but BTC could reach higher levels. Indeed, given the cycle identified by the Titan of Crypto, bitcoin (BTC) at $50,500 is only a matter of time.
Admission: $29,619;
Stop: $29,000;
Goal 1: $35,000;
Objective 2: $50,500.
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I am passionate about cryptocurrencies, a world I discovered barely 3 years ago. My only goal is to inform you about this incredible universe through my articles.
DENIAL
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.
