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- 1 Bitcoin price prediction suggests short term consolidation is about to end and signs of range expansion are visible.
- 2 BTC price rose 7% in the last two trading sessions and began the year on a positive note.
- 3 The uptrend in the Bitcoin cryptocurrency continues and bulls seem chasing the $50K mark.
Bitcoin price prediction suggests bulls are dominating and showing signs of upward-range expansion. It rose 7% in the last two days and hit the $45K mark, which triggered the positive sentiment in the crypto market.
BTC price begins the year on a positive note and forms a bullish continuation pattern on a daily chart. For the past weeks, the BTC crypto price spent time in the narrow consolidation range.
Recently, buyers succeeded in taking over control of the $44000 supply zone and expanded the range upward. It shows that BTC bulls are returning back on track and getting ready to hit new swing highs.
The uptrend in the crypto continues and the price is successfully sustaining above the 50, 200 day EMAs. The chart pattern of Bitcoin is bullish but the buyers need to hold the recent gains and defend the $44000 support.
To hit further highs, bulls need to give a follow-up and sustain above the higher range. If the price loses momentum and reverts downward, the $44000 level might act as immediate support. Currently, the BTC/USDT pair is trading at $45191 with an intraday uptick of 2.29%.
Will Bitcoin Price Hold the Recent Gains or Revert Down?
Bitcoin price prediction indicates the current month might be good for short-term investors. The bulls are active and volume analysis also supports the upward direction. So, it is possible that BTC holds $45K and begins to consolidate in the new range.
On the higher side, the next visible resistance is at $48000. Slowly and steadily, Bitcoin is marching toward it. It will be interesting to see how the price may react in the coming weeks. The analysis suggests this crypto is in an uptrend. So, it is better to look for buy-on-dips opportunities.
BTC Price is Heading Toward the $48000; What’s Next?
BTC price is heading toward the $48000 level, which is a crucial hurdle because it was last touched on March 30, 2022. This hurdle is almost 2 years high, which is a strong supply zone.
If the positive momentum continues in BTC and buyers succeed in pushing the price above $48K, it will increase the possibility of triggering the next phase of the rally.
Conclusion
Bitcoin price prediction suggests the consolidation is finally ending because the price showed signs of range expansion. The trend is upward, so investors should look for buy-on-dips opportunities until the price holds $44000 support.
Technical levels
- Resistance levels: $46005 and $48209.
- Support levels: $44005 and $42005
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.
