Tesla’s investment on Bitcoin gave the cryptocurrency a boost. Its rate continued to increase very sharply, especially after it broke above $41,980.24.
In line with this, there are new target levels for Bitcoin, and the more the quote moves in its direction, the higher is the chance that the cryptocurrency will achieve it.
In fact, yesterday, analysts forecasted BTC to reach $ 50,000. Since the quote continues to break resistance levels, upward potential has increased to 80%.
And now, using Fibonacci, the next targets of the cryptocurrency are $42,968.05 (100%) and $52,000 (161.8%).
Aside from that, $50,000 is a round level, so it can also be considered a strong psychological border.
Of course, there is no certainty when exactly Bitcoin can reach these levels. But the distance between the 100% and 161.8% retracement levels is not small, so a downward correction and consolidation may occur in between.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.