On-Chain Analysis Shows That Bitcoin Could Touch $50,000 Soon
Bitcoin bulls are making massive efforts to drive the digital asset’s price over the top but are missing one key ingredient. Even though the digital asset climbed above the $45,000 with relative ease, it has had a big problem getting above the $48,000 price mark. In a previous retest of the level, the bulls saw the bears take over as they sent the digital asset close to its first support level at $44,000. Even though buyers put their full weight behind the coin attempted to push it above the mark, the resistance could not be broken.
Bitcoin facing resistance despite analysis showing surge
The digital asset price is presently making a downward turn from the previous all-time high that it saw some days back. A look at the bright side shows that Bitcoin could touch a new figure of around $50,000 if the digital asset gathers enough momentum to break above the resistance figure of $48,000. Meanwhile, the surge is not happening soon, as the digital asset recently saw the bears after trying to overcome the level.
If it does not top well over the resistance level, it will bank on the bulls to steady at the $44,000 proven level. As long as it holds this level and does not go below it, Bitcoin would be able to touch the $50,000 level if traders and investors put in much work. The bears are also expected to make their way into the market if the retracement breaks below the $44,000 price mark.
Bitcoin set for a higher move as Nigerian senate summons CBN
Members of the Senate in Nigeria have shown interest in the current rule drafted by the central bank towards digital assets trade. A recent circular went around last week, which reminded all banks that the premier bank does not support crypto trading, and any bank that does would be sanctioned accordingly.
To tackle this issue, the Senate has invited the top members of the Central bank of Nigeria to dialogue and discuss several issues regarding the assets. Even though things are looking on the bright side regarding revoking the law, reports claim that the senate-house is conflicted over the regulations.
According to a member of the Senate, crypto, even though all and sundry have adopted it, is anonymous to a fault. The senator mentions that he does not see a realistic way to regulate the digital assets that would hold. Another Senator also mentioned that since digital assets were not created in Nigeria, they would not suddenly go extinct because they are banning them. Instead, they should make it work for them.
Bitcoin’s on-chain analysis shows that the asset is trying to overcome the $48,000 level mentioned earlier. The Fibonacci level has shown that the coin could encounter a bull run in the coming weeks. A previous retracement saw Bitcoin touch 78.6% of the Fibonacci level. This shows that Bitcoin is in line to cross into the $49,000 price mark, and if it doesn’t happen, it could return to the level where it was before the move.
