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Bitcoin Just Broke to $16,500: 3 Reasons Why Analysts Expect More Upside

Bitcoin Just Broke to $16,500: 3 Reasons Why Analysts Expect More Upside

Bitcoin is mounting a powerful bounce from the weekend lows of $15,700. Just minutes in the past, the main cryptocurrency broke to $16,500 and handed it for the primary time this 12 months. At its native highs, BTC traded for $16,550.

While BTC trades barely under these highs, it’s positioned to maneuver greater because it appears primed to flip $16,000 into help on a day by day time-frame.

Chart of BTC’s worth motion over the previous two weeks from TradingView.com

Bitcoin’s ongoing rally comes because the U.S. greenback has begun to point out some weak point once more. The U.S. Dollar Index has dropped round 20 foundation factors from the day by day excessive as there are nonetheless some expectations of additional financial stimulus.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Why Bitcoin Could Move Even Higher

Analysts are assured Bitcoin will proceed its ascent within the days forward, citing each technical and basic elements. Here are just a few:

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First and foremost, Bitcoin’s technical case is powerful because the consolidation ended above key help ranges. John Bollinger, a long-time technical analyst commented on the cryptocurrency.

“Looks like I used to be incorrect concerning the likelihood of a correction, all we received was a little bit of consolidation after which again to the races. $btcusd Broken setups like this are indicators of power so at present the trail of least resistance is greater.”

Secondly, the main cryptocurrency is continuous to see growing indicators of institutional help.

It was simply revealed that Skybridge Capital, the $3.6 billion fund launched by Anthony Scaramucci, is seeking to spend money on Bitcoin. The founder Scaramuucci has begun to make the cryptocurrency rounds, discussing Bitcoin on his Twitter and in podcasts.

On Friday, Skybridge Capital filed an modification with the SEC, permitting their $3.6 billion fund to begin investing in Bitcoin.

Keep a watch on @Scaramucci 👀 pic.twitter.com/l6fmLosSWk

— Kevin Rooke (@kerooke) November 16, 2020

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Lastly, all markets are anticipated to proceed greater on election certainty. After the three previous U.S. presidential election, there was a internet enhance within the influx of capital to the U.S. fairness market, analysts have discovered.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Just Broke to $16,500: 3 Reasons Why Analysts Expect More Upside

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