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Bitcoin Has Set A New High Of $63,000. What Do Traders Say?

The most popular digital currency cost has broken through a new mark for itself – $63,000. The all-time high was recorded today, April 13, on the Coinmarketcap website.

If we describe the trend for Bitcoin and Ethereum, we can talk about a bullish trend in the long term. But short-term forecasts remain somewhat mixed.

When a particular asset’s value breaks through a new historical mark, analysts call it “price opening.” Therefore, the BTC exchange rate just made this contact, updating the previous record of $62,000, set at the end of March 2021.

What analysts say

How will the BTC behave next? There are two possible scenarios: a price correction against the background of an overbought coin or a solid technical impulse with a further skyrocketing.

Analysts agree that Bitcoin’s impulse is pretty strong. Still, traders themselves are uncertain about the short-term trend. For example, crypto derivatives trader Scott Melker pointed out that BTC entered the overbought zone on the 4-hour chart:

We are now seeing a hidden bullish divergence that emerged a few moments ago. Therefore, there will be no more hints of a possible bearish trend. The 4-hour has already reached the overbought zone. Let’s see how far the graph goes.

Indeed, technical indicators indicate that Bitcoin is overbought in the short term. At the same time, the crypto futures market is overcrowded.

Arcane Research’s head of research, Bendik Norheim Shay, noted that the premium on Bitcoin futures has already reached 50%!

“This is something unbelievable. The three-month basis has already reached 50%. 50%!”

For reference, premiums in the futures market indicate overheating by buyers. If the premium has reached a high level, then investors are more likely to take profit on futures and sell them. 

Is the bullish rally reaching an end?

That being said, there is some possibility that Bitcoin’s uptrend is coming to an end. It’s stated by the managing partner of Bitazu Capital Mohit Sorut:

To be honest, I’m pretty sure we’re in the final stretch of a bullish rally. It will last for several weeks or even longer. The price can reach at least $200,000. But here’s my advice: don’t make unbalanced decisions.

Along with this, it’s also possible that the history of 2017 won’t repeat itself. The Bitcoin price will continue to fluctuate and level off after the peak. It was the same with gold in the early days of trading in the stock market.

But if you step back a little into the depths of history, then the forecast of the former BTCC CEO Bobby Lee begins to come true. In an interview with CNBC, he stated that the Bitcoin current price is not the limit. By the summer of 2021, 1 BTC will cost $100,000 and grow in price even more until the resulting crypto bubble bursts.

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