Forex and Crypto News

Bitcoin will try to rise to $1600 in the coming weeks

16:24 29 October /2020

October 28, the pair BTC/USD reached a new high at $13864, just $16 below 2019 high. But then the pair BTC/USD began to correct and reached a high of $12892, after which it showed growth again. At the time of publication, the pair BTC/USD is trading around $13420.

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This movement of the pair BTC/USD influenced the forecasts for the pair. In the short term, analysts predict a decline in the price of Bitcoin, but in the long term, it will show an increase.

The bears managed to stop the bulls at the high, but in the coming weeks, the bulls will try to overcome the high of last year again. However, before the new growth is expected to fall. The pair BTC/USD could correct around the level of $12000. In the worst-case scenario, the price could drop to $10000. It is possible at these levels to re-accumulate bitcoins in preparation for big growth in the future.

But even without such a strong correction, the bulls will try to rise to the level of $1600 in the coming weeks.

In addition, the rise in the price of Bitcoin is supported by fundamental data. Tech stocks are on the rise. Bitcoin and the stock market have remained positively correlated. And now technology stocks make up a significant portion of the S&P 500.

Stimulating the US economy by at least $2 trillion will push bitcoin prices up even more.

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