The founder and partner of Fairlead Strategies said that, according to technical analysis, Bitcoin should continue to rise in price in the short term.
Katie Stockton relies on the Ichimoku Cloud technical indicator. This indicator was invented by Japanese journalist Goichi Hosoda in the late 60s. The indicator draws support and resistance lines based on price behavior over the past 26 days. According to this indicator, over the past few days, Bitcoin has been able to overcome the resistance line.
“Bitcoin has overcome resistance and the breakout is likely to be confirmed after today’s market close. The break reverses the medium-term downtrend and shows the next strong resistance around $50,000, which is defined by the 200-day moving average and the 50% retracement level,” the expert said on March 1.
Considering that it was about the market closing on Wednesday, the Ichimoku cloud breakthrough was indeed confirmed, which means, according to Cathy Stockton, we should expect the BTC price to rise.
The CEO of the consulting company deVere Group, Nigel Green, predicted the growth of bitcoin to $50,000. In his opinion, the rate of the first cryptocurrency will reach this level by the end of March.
Source: Bits
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