The crazy rally in the BTC market doesn’t seem to be going to stop. The collision of buyers with the upper trend line, which kept the price of BTC in the trend since October 2020, did not provoke the beginning of the correction. In the previous article, we mentioned the local level of $30,260, which is the main obstacle for sellers to lower the price to the mark of $26,400. As you can see in the chart on 4 December, sellers tried to break the mark of $30,260. However, the attack ended in a false breakout and the 4-hour candle closed above the critical point.
Thus, the weakness of BTC buyers, which seemed to arise after the test of $34,000, completely disappeared. Today, buyers managed to set a new historical high of $35,000. Buyers do not allow price to correct and try to accelerate the growth trend. Having fixed the price above the black trend line (nearly $33,450) will give rise to a new powerful growth impulse. The critical point of the local buyers’ initiative, which began on 4 January, is the mark of $32,000. Below this mark, sellers will seize the initiative and begin to lay the foundation for a reversal. In this case, the first target of BTC sellers remains the mark $26,400.
For such an alternative scenario, it is equally important that the BTC dominance falls below 67.5%. If this correction takes place smoothly, the start time of other coins will come. While BTC impact falls to 64%, altcoins will be able to catch up and get closer to their historical highs.
As the critical points are still under buyers’ control, the main scenario remains the BTC price continued growth with a global target of $65,000-75,000. At the moment, these numbers sound incredible. Though, if you look at the weekly BTC chart, it becomes clear that at this rate of price growth and short-term corrections, the price will be able to achieve these targets by summer 2021.