Bitcoin Hits New High, What's Next

Today, the price of Bitcoin broke through the $70,000 level again, according to the trend screenshots analyzed in the previous article. Bitcoin hit the 71,770 pressure level several times on the daily level but did not break through. The low point of the market did not fall below the daily level bull support level of 63,772, and the price began to rebound. Today, the price of Bitcoin successfully broke through the 71,770 pressure level, and the bull trend continues. In the short term, if the price of Bitcoin continues to rise, as long as it does not fall below the daily level moving average support level of 68,560, the price is expected to continue to move towards a new high.

The rise in the past few days is partly due to the continuous inflow of ETF funds, and partly because the Southern Fund with a scale of US$284 billion has applied to launch a Bitcoin spot ETF through Hong Kong. In addition, Bitcoin is 1,725 ​​blocks away from the fourth halving, and the fourth halving is expected to be completed on April 20. This morning, the Federal Reserve Watch reported that the probability of the Federal Reserve keeping interest rates unchanged in May is 93.3%. So the recent negatives have been digested. What remains is the time for the positives to be realized.

Some time ago, many friends asked Laogou how much Bitcoin can rise. Everyone has different opinions on how much Bitcoin can rise. Laogou can't give a very accurate range for the end of the bull market. At present, we can only take one step at a time. However, after the reduction of Bitcoin production, the market may usher in an adjustment period of about two months. Laogou initially estimated that Bitcoin will start a two-month adjustment at around US$87,100. After the adjustment, the market will move towards a new high again.

The current price of IOTX analyzed in the previous article is negligible compared with the price at the time of the previous article. If you are interested, you can still refer to the previous article.

In the mid-term of the bull market, the market still has opportunities. At the end of the article, I would like to give a sentence to the full or half-position altcoin investors: buy new instead of old. When Ethereum overtakes on the curve, it is the time for the altcoin to soar. Now it seems that it is almost there.

That's all for today. Thank you for your long-term support for Laogou~

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