Bitcoin is growing thanks to information stuffing

Feb 17, 2021 Forex News

After the price of Bitcoin has reached a new all-time high, analysts expect a correction. At the same time, forecasts regarding the correction of the Bitcoin price differ. At the time of publication, the BTC/USD pair is trading at $50962.


Analysts suggest that Bitcoin's current skyrocketing price does not guarantee further growth in the long term. Analysts believe that on the chart, the BTC/USD pair should rise above the trendline to confirm its rise. The BTC/USD pair should test the trendline to confirm that it has moved in to support before moving higher. Until then, you should not expand your target values ​​for a long position.

According to the RSI index, the BTC price has long entered the overbought zone on the daily chart. This indicates an imminent downward correction in the coming sessions.

Some analysts are skeptical about the skyrocketing price of Bitcoin in recent days. They explain it by the hype that was created around Bitcoin. Informational stuffing provoked a surge of interest in bitcoin. And we seeing aggressive BTC pumping.

Analysts believe that now the price of Bitcoin is more dependent on all sorts of information injections and messages than on fundamental data.

A similar situation was observed in 2020. Than Bitcoin, after rapid growth, showed an equally rapid decline. This time the scenario may repeat itself, and the price may drop to the $30000 area, from where the price began to rise due to the information background.

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