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- 1 Bitcoin price prediction is highly bullish for the coming months and suggests 5% to 10% upside is possible.
- 2 BTC price is racing toward the 2022 high placed at $48K.
- 3 Bitcoin crypto price is in a strong uptrend.
Bitcoin price prediction stays highly bullish for next year and suggests it may trade above $50K.
BTC price is in a strong uptrend and forming a bullish continuation pattern on the multiple time frame chart. It shows that buyers are highly active at the support levels and minor dips will be bought up.
The 50-day and 200-day EMA is sloping upward which confirms the uptrend. However, the BTC crypto price has gone far away from the 50-day EMA and looks mildly overstretched. So, a minor profit booking or a short-term retracement may trigger at any time from the higher levels.
Recently, the BTC price broke out of the $40K hurdle and rose for five consecutive sessions. It shows the strength as well as the confidence of buyers and the participation of big investors.
At the same time, the buying volume is constantly rising and positively impacting the price. Buyers succeeded in taking control over the $42,000 supply zone and the dominance of bulls was visible. Therefore, any short-term dips toward $40K will profit opportunity to build longs.
Will Bitcoin Price Hold the Recent Gains?
Bitcoin price rose 9.09% approx. in the current week and positive momentum is still intact. It is racing toward the year 2022 high which is placed at $48K.
On the higher side, $48K may act as a strong hurdle for the bulls. If the momentum in BTC price continues and buyers succeed to break out of the $48K hurdle. Then more upside will open.
The gains in BTC crypto look sustainable because the recent development related to Bitcoin ETF has attracted more investors. Furthermore, the buying volume also rose which indicates that the big investors have injected the money.
BTC Price Showed a Steep Rise; What Next?
BTC price showed a steep rise after it broke out of the $38K level. It gained 5500 points approx. in a short period. So, the price may consolidate for some time in the narrow range before resuming the rally.
Currently, Bitcoin price is trading at $43,645 with a downtick of -0.97%. The 24-hour volume to market cap recorded at 4.43% denotes that liquidity in this crypto is high. So, investors may look to buy BTC near $40K and participate in the upcoming bull run.
Conclusion
Bitcoin price prediction stays bullish for 2024 and suggests 5% to 10% more upside may be visible by January 2024 end. BTC price is in a strong uptrend so any minor retracement toward the support has a high probability of getting bounced.
Technical Levels
- Resistance levels: $48,001 and $50,001
- Support levels: $40,040 and $38,527
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
