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- 1 Bitcoin price prediction suggests bulls are leading the rally and may reach $50K.
- 2 BTC price attempted to break $48,000 in the last trading session.
- 3 The uptrend in the most dominant crypto continues, which keeps the overall crypto market sentiment bullish.
Bitcoin Price (BTC) prediction says the bull run in crypto is going on and they are expected to lead the rally. Buyers trying to achieve the $50K mark, which is a psychological hurdle placed in the chart.
The recent move in BTC price has increased the chances of reaching new highs and achieving the $50K. However, before that bulls need to take control of the $48,000 supply zone.
In December 2023, BTC crypto spent time in the narrow range of consolidation between $40,200 to $45,000. After trying multiple times, buyers finally succeeded in breaking the higher range. It triggered a positive sentiment and pushed the price toward $48,000.
Presently, the price witnessed minor profit booking and lost $2000 points approx from the swing high. After analyzing the price behavior it can be said that this downfall is temporary and buyers will soon absorb the sell-off.
The price went far away from the 50-day EMA. So, if the price slips below $44,000, retracement may go deeper toward the nearest EMA. Currently, the price of BTC is trading at $45,953.36 with a decrease of -0.34%.
BTC Price Heading Toward $50K; Will Bulls Succeed?
BTC price is in a strong uptrend and no signs of weakness are visible in the chart. The bulls are very confident and chasing the $50K mark. Any short-term retracement toward the support must be treated as a buying opportunity.
Till Bitcoin crypto holds $40K, the buyers will dominate and keep the trend upward. On January 8, 2024, the trading volume suddenly increased and the price also rose by 6.88%. It is an indication that big players are holding longs and preparing for a massive breakout.
Downside in Bitcoin Looks Limited
Bitcoin price is bullish on a multiple time frame chart. The future outlook of most dominant crypto is bright so the possibility of hitting $50K is substantially high.
The risk of downside is low till BTC holds $40K support. Therefore, investors and traders should go long in this crypto and participate in the bull run.
The sharp move in the upward direction may come after a $48,000 breakout. So, existing investors may add up more BTC after the breakout to increase the returns.
Conclusion
Bitcoin Price (BTC) prediction suggests this crypto is inside the bull run and new highs are possible.
The analysis suggests any minor retracement toward support is an opportunity to accumulate BTC. So, investors should look to play bullish bets until any sign of weakness is visible.
Technical levels
- Resistance levels: $48,148 and $52,170
- Support levels: $43,100 and $41,822
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.
