Bitcoin just touched $ 50,000, at 11.16 WIB Tuesday, February 16, 2021 on several exchanges such as Coinbase and Bitfinex.
Unfortunately this price movement is only temporary because it lasts less than 10 seconds before starting to re-correction about 2%.
This move is new history for Bitcoin as it has never touched a price this high before. But what about the next steps?
This appreciation adds to the upward movement since last week of around 30% which also makes an appreciation of around 400% on an annual basis.
This significant increase occurred significantly since a report from one of the investment units managed by Morgan Stanley.
It is reported that through this investment unit, it will soon adopt Bitcoin as one of its diversification tools.
This move is a positive sentiment for Bitcoin because it reflects that large companies are starting to enter the world of crypto.
Following Tesla, who recently bought $ 1.5 billion worth of Bitcoin, this news continues to push the Bitcoin price up almost daily.
In addition, the encouragement also came from BNY Mellon, the oldest bank in America which started opening services related to bitcoin and other cryptocurrencies.
Finally, encouragement also came from several companies planning to adopt crypto such as Twitter, Mastercard, Uber, and some rumors from Apple.
Therefore, currently it seems that the majority of investors and traders are responding to this positive sentiment which makes the potential for appreciation even greater.
In the past week, Bitcoin experienced cash flow of around $ 367 Million along with news from some of these big companies, according to a report from CoinShares.
Currently Bitcoin's market cap continues to move closer to $ 1 Trillion with its dominance in the crypto market still slightly hovering around 60% and 61%.
The current movement is one of the targets given by one of the analysts from Bloomberg named Mike McGlone at the end of January 2021.
It took Bitcoin about 39 Days to finally touch $ 50,000 after it first touched $ 40,000 on January 7, 2021.
Of course, this target was achieved with a very volatile movement due to several corrections in January.
It appears that this volatile move will continue in the future until the next majority market analyst targets $ 100,000 this year.
But in the short term, it is most likely that after touching these new highs, Bitcoin will undergo a correction.
However, the correction is likely to be short-lived and will not break the zone of appreciation that has formed in the past week.
This possibility is supported by the price that is still above the MA Cross indicator.
Besides that, the MACD volume looks positive and the RSI is starting to move down also supports this possibility.
With a bearish evening star pattern and the movement within the upper limit, the possibility of correction will be towards $ 48,000 to $ 47,500.
However if the price continues to fall, it is likely that a deeper correction will occur in the near future.
This is because the price will move out of the appreciation zone, possibly even towards $ 44,000, $ 42,000, and $ 40,000.
If after that the price rises, it is likely that Bitcoin will continue to form new highs but requires positive sentiment.
