Last Friday, Bitcoin went through a price correction but, despite the initial enthusiasm, nothing notable happen, leaving some investors disappointed. As on the day itself, the token’s price has bottomed out and a rally started shortly.
According to a report from Cointelegraph, the rally was fueled by news regarding cryptocurrency payments coming from Visa and PayPal, which triggered a lot of investors.
There’s more to come
Analysts believe that the critical support area was only tested last week and, since the support was strong enough, another higher low was registered. Obviously, this resulted in a new upward momentum.
Ever since September, when the market has shown the first strength signs and broke above $12,000, things accelerated.
Previously, the higher low was made at $42,000, which eventually became the critical support area to hold. However, considering that Bitcoin’s price wasn’t in need of a correction, the most recent low, between $49,500 – $51,000, can be considered as the new higher low.
We’re looking forward to seeing new points of interest if Bitcoin’s price manages to break above the current all-time high, at around $61,000. And these new points of interest could reach $73,000 and $92,000!
What’s the most probable scenario for Bitcoin?
It’s clear that right now, $56,000 is the important area to hold for Bitcoin and as lons as the support remains in this region, more upside can be seen from the market. Basically, this will only make all-time highs – maybe $73,000 or more – very possible.
On the other hand, there’s a critical area that needs to be broken. Speficially, we’re talking about $59,000 – $60,000. But until this happens, we won’t be surprised if many altcoins will keep gaining momentum and, even if Bitcoin does indeed reach a new record, altcoins have very big chances to follow suit.