Bitcoin increased its value by close to 14% last week. A cryptocurrency analyst and trader who shared his analysis on YouTube stated that Bitcoin is still in an uptrend.
Bitcoin, the most important name in the crypto money world, managed to catch the long-awaited rise last week and gained close to 14%. This situation, which was closely followed by cryptocurrency analysts, was received very positively by analysts. According to analysts, with this rise, Bitcoin has again caught two important technical resistance levels.
Cryptocurrency trader and analyst Tone Vays made a livestream on his YouTube channel to explain Bitcoin price fluctuation. He said there are now signs that could indicate that Bitcoin is ready to continue its long-term uptrend and target the next level of resistance around $56,000.
According to Vays, the momentum that exists today turned negative last week after Bitcoin slumped below $47,000 on Oct. 4, with BTC showing bullish signs on Oct.
However, late Saturday night, Bitcoin’s price regained strength, taking short-term momentum from negative to more positive. If BTC breaks its current value, it has the power to continue trading at much more valuable levels.
Additionally, the analyst said that if Bitcoin can rally by an additional 12% and pass the next targeted $56,000 resistance level, the cryptocurrency will be ready to be pushed back to its previous record of around $65,000, which represents a potential rise of 38%. If this scenario does not happen, Bitcoin will enter a downward trend again.
According to CoinMarketCap, Bitcoin is trading at $36,189,329,050 and $55,070.75 by 24-hour volume at press time. This means that Bitcoin is down 0.19% with a live market cap of $1,037,519,166,747 in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.