Bitcoin Soars Beyond $41,000-mark amid Prediction of Further Jump

The world’s largest cryptocurrency soared above the $41,000 mark along with equities after China announced an easing of monetary policy to boost an economy ravaged by the country’s COVID-19 lockdowns and restrictions to control its current outbreak.

According to Bloomberg News, Bitcoin surged by up to 0.6% on Thursday, reaching $41,500 for the second successive day. This comes as technical analysts predict another leap for the digital currency. As per Fairlead Strategies LLC’s Co-Founder Katie Stockton, key technical indicators are pointing towards a potential short-term jump of up to $51,000. She said, “We expect an oversold bounce and a higher low.”

Bitcoin has stayed in the $35,000-$45,000 range so far this year with a late March attempt to hit the 200-day moving average, following which it plummeted by 19%, reported Bloomberg News.

Fundstrat’s Managing Director and Head of Technical Strategy, Mark Newton stated, “Bitcoin looks attractive to buy dips after falling to test a nearly three-month trend connecting prior lows since early January.” He contended that the cryptocurrency “should bounce over the next week, with upside targets at $43,750 up to $44,200 which looks like the first meaningful upside target.”