Bitcoin may be near its next leg up – analyst says – Vijay Gir

Bitcoin may be near its next leg up – analyst says

bitcoin near next leg up canaccord genuity
  • Canaccord Genuity analyst sees upside in Bitcoin to over $38,000.
  • Javed Mirza explained his bullish view in a research note today.
  • Bitcoin is already up about 80% versus the start of the year.

It’s a suitable time for long-term investors to build their positions in Bitcoin as the chart suggests it may be about to start a new cycle, says Javed Mirza – a Canaccord Genuity analyst.

Recent price trends signal further upside

Bitcoin remains around the $30,000 level even after peer Ripple announced a big win against the U.S. Securities & Exchange Commission.

Still, Mirza remains bullish on price trends that he says support further upside. In his research note today, the analyst told investors:

Utilise pending near-term weakness to add exposure near important technical support at its 50-day moving averages.

The 50-day MA currently sits at about $28,700 for Bitcoin. Mirza has a similar view on Ethereum as well.

Bitcoin could beat the $38,000 level

Mirza sees potential for a 28% rally in Bitcoin to over $38,000 level as long as it’s holding the aforementioned key support.

In his note this morning, he also pointed to the four-year moving average that the world’s largest cryptocurrency has recently reclaimed.

This confirms the long-term trend is now up, a strong technical positive, and is consistent with a four-year cycle taking hold in cryptocurrencies.

Note that the total supply of BTC is scheduled to halve in April or May of 2024 that typically tends to be a tailwind for its price. On top of that, BlackRock and several other asset managers have recently filed for a Spot Bitcoin ETF that signals institutional interest in cryptocurrencies.

Leave a Reply

Previous post Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval
Next post No impact from Ripple ruling? SEC chair cites risks from crypto in budget request