Bitcoin may be near its next leg up – analyst says
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.
