Trader forecasts Bitcoin price to rise above $56,000

A practicing trader and founder of the Crypto Mentors project, Crypto Mentors, Nikita Semov, explains the current market situation.

Bitcoin has traded in a sideways range all week, as previously outlined. We examine the primary direction for the leading cryptocurrency in the coming days and highlight the key points to watch.

Since the previous overview, the hypothesis of balance formation after a strong downward impulse has been confirmed. The market tends to tighten after a strong impulse (a narrow range). At the moment, the fair-value range is $51,150-$46,200. Most likely, for the entire next week we will see price rotations continue within this channel.

In the long term, after the final formation of the value area, expect BTC price to move higher toward the $56,700 level. That is precisely where the range from which we saw the downward move originated.

You can join the upside move only when volume rises above the value area and tests the formed trading range. At the moment, its global structure remains intact, as indicated by both volume analysis and Price Action.

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