Bitcoin has climbed to a three-month high as discussions continue over how to tax cryptocurrencies in the US. Analysts say that $50K can be reached if the uptrend does not reverse quickly.
As Bitcoin climbed to a three-month high on Monday, analysts think the coin could reach $50M again. Bitcoin, which saw $46.060 during the trading hours in New York, has increased by almost 17 percent since last week.
While Ether, Litecoin and Dash are also rising with Bitcoin, Miller Tabak +Co Analyst Matt Maley stated that the worst is over and said, “If the movement does not reverse immediately, Bitcoin can quickly see $50K. He may encounter some resistance here as well,” he said.
Bitcoin’s rise came as the US Congress continued to debate an infrastructure plan on how cryptocurrencies should be taxed. While the 14-day relative strength index (RSI) in Bitcoin indicates that the crypto asset is overbought, Bitcoin is above its 200-day moving average.
Oanda Senior Market Analyst Craig Erlam said, “Bitcoin once again found its rhythm last week. It’s mostly bullish at the moment, but the real question is how long will the uptrend last this time?” said.
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