The sun is shining again for bitcoin! After months of sideways movement, the uptrend has finally resumed. In this analysis you can read why bitcoin can quickly reach 52,000 dollars (44,000 euros).
Bitcoin is about to break out
Yesterday we already got a short taste: the bitcoin price shot to 41,000 dollars (34,675 euros). But actually that was a bright pea, we can probably expect the real fireworks in the coming days.
On the daily chart you can see that bitcoin is very close to the oblique trendline. This line has been important since May, and bitcoin is finally looking for this line. Will the price break up? Then a new upward trend can begin.
Below you see the same trend line, but on the four-hour chart, bitcoin is now making it very exciting. The price may break today.
Bullish pennant
Back to the daily chart, a bullish pennant can push the price to $52,000 (44,000 euros). You can see the price formation on the chart below.
How do you recognize a bullish pennant? The literal translation is pennant, and if you look closely you can also see this form in it:
- The left blue line is the mast.
- After that, the price moves between two oblique trendlines that meet each other.
- The price target is then the same size as the mast. In this case, bitcoin can go to $52,000 (44,000 euros) with a positive breakout!
What do we expect from bitcoin?
So Bitcoin is on the verge of breaking out, it’s going to be exciting! But in the world of cryptocurrency, anything is possible. Therefore, we describe two scenarios: bullish (positive) and bearish (negative). 
Bullish
Will bitcoin break out of the trendline and through the bullish pennant? In that case, the price target of 52,000 dollars (44,000 euros) can be achieved, which is the green line on the chart.
Bearish
If bitcoin falls, we find the first support at USD 38,000 (EUR 32,145), the orange line on the chart. From this price, bitcoin bounced upwards last Wednesday.
But what if bitcoin falls through the orange line? Then it can be hard. The next major support point is only found at 30,000 dollars (25,375 euros), the bottom blue line on the chart.
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