An analysis of the performance of Bitcoin quote on the market indicates an approximation of the historic price top, registered at the end of 2017. Thus, with the rise of the dollar and the appreciation of BTC, in Brazil the cryptocurrency may test R $ 70 thousand soon, according to an analysis by the exchange Bitcoin Market.
Thus, published in the Cryptographic of last Tuesday (13), the analysis on the price of Bitcoin expects an approximation of R $ 70 thousand shortly after the cryptocurrency breaks the historic top of 2020, at approximately R $ 68 thousand.
According to Bitcoin Market analyst Thales Inada, the price of BTC in Brazil is keeping pace with the cryptocurrency in dollars. In addition, the analysis suggests that resistance has been broken, with the recent Bitcoin price appreciation.
Bitcoin broke a lateralization recently that brought the cryptocurrency closer to 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 BTC / USD. According to the analysis published by the Bitcoin Market, the cryptocurrency is expected to approach R $ 70,000 if it maintains its current performance.
However, before breaking the 2017 historical record, the Bitcoin price is yet to face 2020 high, when the cryptocurrency was quoted at around R $ 68 thousand.
“Due to the proximity of this top to R $ 68,000 it is even possible to test the historical top in reais, around R $ 70,000.”
The “Cryptographic” presented by the Bitcoin Market points out that the variation in the price of the dollar against the real has not prevented the cryptocurrency from maintaining a sync between the BTC / USD and BTC / BRL pairs.
“Even with the high volatility of the dollar, BTCBRL is in sync with BTCUSD. We also broke the resistance based on the bottom of the previous congestion and now we can look for the top of the year. ”
Graph shows Bitcoin price in reais (Playback / Bitcoin Market)
Less than 10%
The price of Bitcoin hit a historic record in the BTC / BRL and BTC / USD pairs at the end of 2017. That year, the cryptocurrency was quoted at around R $ 69,500 in Brazil, with a dollar well below the price currently practiced by the market.
Thus, the dollar quote directly influences Bitcoin price in the Brazilian market. According to the Bitcoin Market analysis, BTC is less than 10% short of breaking a record in Brazil.
“On the weekly chart we can see more clearly how close we are to the historic 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 the cryptocurrency in the market for the Brazilian record to be broken. In this case, if the dollar falls to R $ 5.35, for example, BTC needs to be kept above US $ 13,000, in order to exceed R $ 70,000.
“So thinking more conservatively, if the dollar corrects to the R $ 5.35 level, we need BTCUSD to seek USD 13,000 to set a new maximum in reais.”
Cryptocurrency may fall
The Bitcoin Market presented an optimistic analysis for the price of Bitcoin in Cryptographic on Tuesday (13), stating that the cryptocurrency may approach a “historic top”.
On the other hand, the same analysis attests that price volatility may continue to follow Bitcoin. In what was called an “immediate correction”, analyst Thales Inada notes that even so, the historic maximum can still be reached after this supposed fall.
“Some intermediate correction may occur in the meantime, but we can certainly set a new historic high soon.”
In the meantime, a simple correction could be to reverse the price of Bitcoin, causing the cryptocurrency to fall into the market rather than continuing a wave of appreciation.
In this case, the analysis of the Bitcoin Market notes that there is an important support that may indicate that the wave of appreciation has been reversed, in case the BTC is again quoted below R $ 62 thousand.
“We must be careful only if we lose the support of R $ 62,000, because in that case we will confirm a lower top than the top of the year.”
Check out the document on the Bitcoin Market analyst’s weekly analysis of BTC performance: