Since December 17, the price of Bitcoin in a four-day period rose from $ 3.181 to $ 4.703, up 28 percent on most main fiat-crypto exchanges. Will the Bitcoin, which is beginning to show stability at these levels, be able to gain enough momentum to reach the price of $ 5,000?
However, in a 30-day period, the value of the dominant crypto money is still around 9 percent lower than $ 4,400. And it is still expected to pass $ 4,400 resistance to confirm an upward move.
Bitcoin $ 5,000 target looks tough in the short run
Currently, as of December 21, BTC’s volume has been around $ 8.7 billion since the first week of December, up by about 100 percent from $ 4.3 billion.
During a possible corrective rally, the volume of the asset is strong enough to trigger an upward movement in the channel between $ 3,000 and $ 3.500 when it begins to show over-selling conditions in the market.
Some analysts believe Bitcoin is approaching the final stage of the bear market. The only weakness is the stability of the asset, but it is thought that a consolidation period, which shows low volatility, could last several months.
In the foreseeable future, most analysts predict that the main momentum of Bitcoin will usually take place in a broad range of $ 3,000 to $ 6,000. A high volatility is expected until the market is stabilized in the long run.
Bitcoin Cash and Ethereum on board
Over the last three weeks, key crypto assets, which more heavily reflect Bitco’s price trend, have begun to gain considerable value.
After a 40% increase on Friday, December 19th, Bitcoin Cash recorded another 42% increase and raised to $ 220. This week, Bitcoin Cash rose by 175 percent against the US dollar from $ 80 to $ 220.
Ethereum recorded a rally of a size similar to bitcoin. And for the first time since the end of November, it has risen above $ 110.
On the other hand, in the coming weeks, US lawmakers ‘ proposals to remove the Krypto money from the securities regulations could ease pressure on the Ethereum and other smart contract protocols.