According to Michael Novogratz, CEO of Galaxy Digital, Bitcoin may hit $100,000 by the end of 2021. The widespread adoption of BTC / USD initiated by companies will primarily support the increase in value.

Tesla Inc. has already taken the Bitcoin route, allowing customers to purchase their electric vehicles using BTC / USD. Novogratz acknowledges that “he will see that every company in America will do the same.”

Meanwhile, Bitcoin today February 10 is trading at $45,830. If Bitcoin sustains above the 21 SMA above $43,000 this will allow buyers to join the market as they target higher highs towards $50,000, and in the long term as analysts say up to 100K.

We see a possible bullish pennant pattern, a break above $47,500 will open the way to 50K and 55K, as this is possible in the short term.

Our recommendation is to buy above $43,000 and when the bullish pennant breaks, with the first target up to the $50,000 zone.

analytics6023ecbb35cef.jpg

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Support And Resistance Levels For February 10 – 12, 2021

Resistance (1) $47,738

Resistance (2) $48,921

Resistance (3) $50,894

Support (1) $42,628

Support (2) $40,986

Support (3) $40,146

The material has been provided by InstaForex Company – www.instaforex.com

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