The new BTC mid-term target will be $60,000
Last week, bears provoked a major part of market participants, but after a short-term rollback, the BTC price went up again. Open interest for ETH has declined in the current range, and LTC continues to grow steadily, 8848 Invest’s analyst Mark Sorokin says.
The past week’s highlight was the BTC quit out the large accumulation that has been forming over the past few months. An impulsive breakout of the upper flat border has occurred, the market entered its borders and began to consolidate higher. The market is currently forming a new intermediate accumulation.
‘At the same time, at the weekend the sharp rollback has occurred, which can be considered as an attempt of draining buyers’ stop-losses. The market stopped at the support level. It was an attempt of gaining liquidity from the support range, and soon the market will continue to grow,’ the expert notes.
At the beginning of the week, there is a classic trend structure on the market — consolidation after the breakout of the upper flat border. Soon we should expect further growth above $50,000, and then to the levels of $60,000–70,000. The real prospects of this scenario will be known shortly.
‘At the same time, the possibility of a deeper correction scenario shouldn’t be excluded. The largest digital currency’s rate may fall to $30,000, the main trend source within the large accumulation, out of which this growth impulse began. BTC may approach this range and gain volumes out of it, but for now, it’s worth focusing on the current intermediate accumulation,’ Mark Sorokin notes.
Generally, no high-point scenarios for the market are expected. All damps which have been observed in the last few weeks are formed locally, provoke small and medium market participants to sell, which is used by large ones. Thus, the major tools gain new volumes, and their prices move up.
Altcoins
The situation for ETH hasn’t changed significantly. Last week, there was a provocation of buyers, after which the asset dropdown sharply in the area of these buyers’ stop-losses. Then the asset stopped falling and began to form a pullback to resistance.
‘Most likely there is no more open interest in the current range. Now the tool will gain volumes, possibly through provocations, or will freeze in the flat. The flat movement will be short-term, and further growth should be expected,’ the expert notes.
LTC also reached the resistance area and received the seller’s local reaction. Generally, this is a rollback reaction still. The next LTC mid-term target is the nearest reversal zone above $250.
‘Continued growth of LTC should be expected, as the tool hit another support after overcoming resistance. Now the coin will try to gain additional volumes out of it and continue to grow,’ the expert summarizes.
The XRP mid-term target is the previous high above $0.75.
