Previous article Bitcoin may be near its next leg up – analyst says Next article Home Latest Cryptocurrency News Bitcoin may be near its next leg up – analyst says Bitcoin may be near its next leg up – analyst says By Wajeeh Khan - min read 19 July 2023 Canaccord Genuity analyst sees upside in Bitcoin to over $38,000. Javed Mirza explained his bullish view in a research note today. Bitcoin is already up about 80% versus the start of the year. It’s a suitable time for long-term investors to build their positions in Bitcoin as the chart suggests it may be about to start a new cycle, says Javed Mirza – a Canaccord Genuity analyst. Recent price trends signal further upside Bitcoin remains around the $30,000 level even after peer Ripple announced a big win against the U.S. Securities & Exchange Commission. Still, Mirza remains bullish on price trends that he says support further upside. In his research note today, the analyst told investors: Utilise pending near-term weakness to add exposure near important technical support at its 50-day moving averages. The 50-day MA currently sits at about $28,700 for Bitcoin. Mirza has a similar view on Ethereum as well. Bitcoin could beat the $38,000 level Mirza sees potential for a 28% rally in Bitcoin to over $38,000 level as long as it’s holding the aforementioned key support. In his note this morning, he also pointed to the four-year moving average that the world’s largest cryptocurrency has recently reclaimed. This confirms the long-term trend is now up, a strong technical positive, and is consistent with a four-year cycle taking hold in cryptocurrencies. Note that the total supply of BTC is scheduled to halve in April or May of 2024 that typically tends to be a tailwind for its price. On top of that, BlackRock and several other asset managers have recently filed for a Spot Bitcoin ETF that signals institutional interest in cryptocurrencies. Share this article Categories Analysis Tags Bitcoin News