Bitcoin is resuming its climb as it tests the Fibonacci extension levels, but zooming out to the longer-term charts shows the higher upside targets. The price is testing the 50% level at the $12,300 area and might be headed up to the 61.8% extension next.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. In other words, the uptrend is more likely to gain traction than to reverse. The gap between the indicators is widening to reflect stronger bullish momentum that could take bitcoin further north.

The 78.6% level is just past the swing high at $14,178.46 then the full extension is at $15,588.08. The next upside target from there might be around the record highs of $19,500 to $20,000.

RSI is heading up to show that bullish momentum is in play, but the oscillator is closing in on the overbought zone to signal exhaustion among buyers. Stochastic is also pointing up but is dipping into the overbought territory and might be due to head back down from here.

BTC/USD Chart – TradingView

Bitcoin seems to be drawing plenty of market support from the ongoing risk-off flows in traditional assets. Stocks and commodities have been on the decline on account of resurfacing trade troubles, leading investors to pursue alternative higher-yielding holdings like cryptocurrencies.

Meanwhile, fiat currencies are also on the back foot as central banks all over the world are returning to their easing cycle. A number of monetary authorities have already cut interest rates over the past months, and rumor has it that the Fed might even resume its quantitative easing if the situation worsens.

To top it all off, bitcoin is approaching its halving in May 2020 so the reduction of mining rewards could prop its value much higher. One factor that could derail these rallies, however, might be tighter regulation.

Images courtesy of TradingView

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