Bitcoin price can test R$ 70 thousand when approaching historical top, according to Bitcoin Market Analyst

Analysis shows that less than 10% of cryptomeda is missing to break an important record in Brazil

An analysis of Bitcoin’s market performance indicates an approximation of the historical top price, recorded at the end of 2017. Thus, with the rise of the dollar and the appreciation of BTC, in Brazil cryptomoeda can test R$ 70 thousand soon, according to analysis of the Exchange Mercado Bitcoin.

Thus, published in the Cryptography of last Tuesday (13), the analysis on the price of Bitcoin expects an approximation of $ 70,000 soon after the cryptomoeda break the historical top of 2020, at about $ 68,000.

Bitcoin price drop ’shouldn’t happen‘ while whales are out of exchanges

According to analyst Thales Inada of Bitcoin Market, the price of BTC in Brazil is following the value of cryptomeda in dollars. In addition, the analysis suggests that a resistance has been broken, with the recent valuation of the Bitcoin price.
Bitcoin Price

Bitcoin recently broke a lateralization that made cryptomeda approach the historical price record in Brazil, with the devaluation of the real against the dollar.

Thus, the price of Bitcoin is closer to breaking a historical record in the BTC/BRL trading pair than in the BTC/USD. According to the analysis published by the Bitcoin Market, the cryptomeda should approach R$ 70 thousand if the current performance is maintained.

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However, before breaking the historical record of 2017, the price of Bitcoin should still face the maximum of 2020, when cryptomoeda was quoted at around R$ 68 thousand.

„Due to the proximity of this top at R$ 68,000 it is even possible to test the historical top in reais, around R$ 70,000“.

The „Cryptography“ presented by the Bitcoin Market points out that the price variation of the dollar against the real did not prevent cryptomeda from maintaining synchrony between the BTC/USD and BTC/BRL pairs.

„Even with the high volatility of the dollar, the BTCBRL is in sync with the BTCUSD. We have also broken the resistance based on the bottom of the previous congestion and now we can seek the top of the year“.

Graph shows Bitcoin price in BRL (Bitcoin Reproduction/Market)
Less than 10%.

The price of Bitcoin set a historical record in the BTC/BRL and BTC/USD pairs at the end of 2017. In that year, cryptomeda was quoted at about R$ 69,500 in Brazil, with one dollar well below the current market price.

Thus, the dollar quotation directly influences the price of Bitcoin in the Brazilian market. According to the Bitcoin Market analysis, there is less than 10% left for BTC to break a record in Brazil.

„On the weekly chart we can see more clearly how close we are to the historical maximum in reais. Less than 10%“.

The analysis also says that Bitcoin needs to keep the price of the dollar in line with the performance of cryptomeda in the market for the Brazilian record to be broken. In this case, if the dollar drops to US$ 5,35, for instance, BTC needs to be maintained above US$ 13.000, in order to surpass US$ 70 thousand.

„So thinking in a more conservative way, in case the dollar corrects to the R$ 5,35, we need BTCUSD to look for the USD 13.000 to mark a new maximum in reais“.

Cryptomeda may fall

The Bitcoin Market presented an optimistic analysis for the price of Bitcoin in this Tuesday’s Cryptography (13), stating that cryptomeda can approach a „historical top“.

Leading traders buy positions after Bitcoin price rises to key resistance of US$ 11.5 thousand

On the other hand, the same analysis attests that price volatility can continue to accompany Bitcoin. In what has been called „immediate correction“, analyst Thales Inada notes that even so the historical maximum can still be reached after this supposed fall.

„Some intermediate correction may occur in the meantime, but we can certainly mark a new historical high soon.

Meanwhile, a simple correction may be to reverse the price of Bitcoin, causing cryptomeda to fall in the market instead of continuing a wave of appreciation.

In this case, Bitcoin Market analysis notes that there is an important support that may indicate that the valuation wave has been reversed if BTC is quoted below R$ 62 thousand again.

„We must be careful only if we lose the support of the R$ 62.000, because in this case we will confirm a lower top than the top of the year“.