Bitcoin is ready to rock and roll, it is up nearly over 41% in nearly 25 days. This kind of performance certainly tells us one word; Bitcoin. The cryptocurrency has the potential to touch $50K by the end of this year given the previous history it has.
The are three major reasons which are driving this move, ETF speculation, more friendly regulatory news and bulls are back in town. For bulls, this is like fresh air.
From a technical perspective, we have broken out of the wedge pattern and the price has moved above the important moving averages; 50 and 100. We think that the target of $12,100 could easily be reached in the next few weeks.
On a daily time frame, the price has broken out of the consolidation pattern and the measured move of this consolidation pattern is complete. However, we think traders still want to push this further and it is likely that we could the 10K mark very soon. More bullish signals are coming from the moving averages, the price is above the 100 & 59-day moving averages