The BTC/USD pair has been facing headwinds in recent days. The leading cryptocurrency by market capitalization lost more than 10% of its value last weekend and has since struggled to regain its upward trend.
The selloff has initiated an uptrend that has driven BTC higher for most of this year. This weekend’s sell-off pushed bitcoin below its 50-day simple moving average and it is struggling to resume its uptrend.
However, analyst Michael van de Poppe believes that the bullish cycle that began almost a year ago could continue, leading to huge gains in the coming months. He predicts bitcoin will approach $500,000 before this bull run ends.
This whole cycle is going to be huge no matter what.
I watched a few interviews with @RaoulGMI today.
This makes me even more optimistic. #$500,000 Bitcoin? Yeah, why not? Ethereum at $25,000? Yeah, why not?
– Michelle van de Poppe (@CryptoMichNL) April 21, 2021
BTC Price Forecast
While bitcoin could recover in the long run, it is currently struggling. The 4-hour chart of BTC/USD shows that the leading crypto-currency cannot break above $55,477.
4 hour chart of BTC/USD. Source: Coincide
Today it is still trading below the 50-day SMA ($58,796.94). A potential breakout could be met with a bearish divergence in the Relative Strength Index (RSI), which is currently at 41.68. However, a break above resistance at $55,477 could propel bitcoin towards the $57k region. A sustained rally could have led bitcoin to cross its 50-day SMA and attempt to climb back to the $60,000 level.
With the bears controlling the market for much of the week, bitcoin may struggle to defend support at $53,329. If this position is not defended, the €50,000 could come under fire and erase much of last month’s gains.
Currently, the negative market trend seems to be taking over as bitcoin’s MACD is deep in bearish territory.
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