Bitcoin Price Rises 2% And Breaches 50K. Time To Buy BTC?

• The Bitcoin price has finally managed to break through the $50K barrier for the first time since May
• After several days of trading sideways, a meaningful push forward has been made
• BTC expected to continue advancing as it tags new bi-monthly highs.

The Bitcoin price has sailed past the psychologically significant and important $50K resistance mark. It had been trading sideways for a number of days with some minor pullbacks but it now appears that a decisive move forward has finally been made.

So far there do not appear to be significant reasons for this rally forward. It does seem that institutional investors are once again piling into Bitcoin and the whole crypto market. It seems that the spectre of increased regulation has been brushed aside, at least for now.

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Short Term Prediction For Bitcoin Price: More Upside Expected As Buyers Increase

The Bitcoin price is currently trading at the $51,000 level and has appreciated by around 2% since Aug 21. The ascending channel that began on July 20 appears to be intact and momentum is now definitely with BTC as it should continue to rise.

If a bullish thesis persists, the Bitcoin price should encounter then next level of resistance at the $51K level. Once this is overcome, BTC should encounter another strong resistance level at the $55k point which would be another revisit of the price point reached last in May. The increase would be an impressive 80% from the July 20 low of $29000.

If a bearish thesis were to come into play, the Bitcoin price would most probably revisit the $48,000 level where there seems to be strong support. A small sell off could push the price back to the $44K mark but this scenario looks highly unlikely at this point.

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Long Term Prediction For BTC: A Slow Move Forward To New All Time Highs

It seems that the Bitcoin price is expected to continue moving forward and achieve new All Time Highs by the end of the year. It is now only around 20% away from the $65K level reached in May so the current growth pattern is a logical prediction at least by the end of the year.

Some analysts are even more bullish than that and are looking at six figure Bitcoin prices by the end of the year. Although this seems to be slightly far fetched in the current context, an ambitious buying spree by aggressive investors could see this target achieved.

Where to Buy

If you want to purchase Bitcoin, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy BTC is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

Looking to buy or trade Bitcoin now? Invest at eToro!

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