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- 1 The Bitcoin price currently trades at $52,433, reporting a swift Intraday gain of nearly 0.49%.
- 2 The RSI line has entered an overbought zone, indicating the early signs of a possible correction.
Bitcoin crypto price stretches higher and trades on the front foot in the early morning session on Monday. BTC was hovering near 52,433 USD at the time of writing, recording a positive development of 0.49%.
Looking closely over the daily BTC/USD price chart, it was observed that the cryptocurrency leader witnessed a short-term bull run. It was triggered after the breakout of a short-term consolidation near $44000.
The rally was backed by the rise in volume, which helped Bitcoin conquer a very important psychological level of 50,000 USD and trade comfortably near 52000 USD.
Moreover, the crypto price has stretched and may head for a short-term correction before resuming further upside. The BTC price has persisted on a positive trajectory for the last two weeks and has added nearly 20% since the breakout above the $44,000 level.
Bitcoin currently hovers back and forth near the $52,000 level, indicating a consolidation near the highs. If the price breaks above the upper range of the consolidation above $53000 and sustains above it, then short-term traders and Investors may target the next round level of $55000.
On the contrary, if the price cannot sustain higher and breaks on the lower side, it may experience a profit booking and short-term correction. After that, the BTC price may retrace lower levels of $50,000 and 47,000 USD.
Bitcoin Price Technical Analysis.
From a technical perspective, the price trades above the critical 20-day, 50-day, and 200-day EMAs. That suggests a positive sentiment prevailing in the market. The EMAs may act as a dynamic support and push the price higher again.
However, The Relative strength index (RSI) indicator on a daily chart has risen significantly. It is currently placed at 80 level, whereas the 14-day SMA line was at 74.05 points.
The RSI line has entered an overbought zone, which seems to be turning around, reducing the divergence. It highlights that the price has stretched slightly and might drop lower to stabilize.
On the downside, the support is $50,000 near the 20-day Exponential moving average and $47,000, which is the previous swing high.
Bitcoin Price Prediction February 2024
The most optimistic view of analysts estimates that the BTC crypto may attain a high of $55005 if it breaks and sustains above the 53000 level by the month’s end.
However, the pessimistic aspect of analysts assumes a breakdown below the $50,500 level, after which a fresh downside move might be noted on the charts, and BTC crypto may retrace the lower levels of 48000 and 47000 USD.
Bitcoin Crypto Price Prediction 2024
The price forecast for the year 2024 is that the BTC token price could reach a high of $64,947 on the higher side if the most favorable conditions prevail. Moreover, the less optimistic outlook of the analysts assumes that the price could reach $56,634 by the year-end.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
