Is Bitcoin price about to hit $50K?

Bitcoin (BTC) price breached the crucial level of $ 40,500 as Tesla News added $ 1.5 billion of Bitcoin to its balance sheet. This news event pushed the price to all-time highs, and put the next major resistance level at $ 50,000.

Moreover, other cryptocurrencies are accelerating left and right as the scene is ideal for starting altcoins. All-time highs are set daily across many altcoins while Bitcoin is standardized. But how long will this unification last? Let’s take a look at the graphs.

Bitcoin price breaks the main resistance in Tesla News

4 hour chart XBT / USD. Source: TradingView

The 4-hour chart shows a clear breach of $ 40,500, which was crucial to a further rally as Tesla news yielded the largest daily green candle ever for Bitcoin.

As the chart shows, the next level of interest is the psychological barrier around $ 50,000. It is also the next major Fibonacci level. The 1.618 Fibonacci level is often used as a crucial indicator to predict levels in price discovery.

4 hour chart BTC / USD. Source: TradingView

Another important level to watch for Bitcoin is the block of orders around the $ 43,300- $ 43,700 region. The bullish trend is likely to continue as long as this area continues.

However, a sharp decline is likely if Bitcoin’s price cannot maintain this level. A drop in the $ 43,300 area to $ 43,700 will create a series of stop / loss triggers as Bitcoin price drops again in the range it has been in for several weeks. The next level of support can be found between $ 37,800 – $ 38,500 if $ 43,300 fails to hold.