Bitcoin Price Prediction: After witnessing steady growth for the last 8 weeks, the Bitcoin price rally hit a significant roadblock of around $44,700. This pause in the upward trajectory has cast a shadow of uncertainty over many major altcoins. However, this period of post-rally consolidation could be beneficial, allowing buyers to regain strength and momentum for the next upward movement.
Also Read: Bitcoin Whales Moves 7200 BTC To Coinbase, Here’s What Popular Analyst Predicted
Is Bitcoin Price Heading to $50000?
- The BTC price witnessed high supply pressure at $44700
- A breakout beyond the triangle pattern would trigger a directional trend
- The intraday trading volume in Bitcoin is $15.3 Billion, indicating a 2.1% loss.
Recently, the Bitcoin price has been caught in a lateral movement, struggling to break through the $44,700 barrier. This phase of consolidation, while indicative of market hesitation, reveals a symmetrical triangle pattern on the four-hour chart.
At present, the BTC price is trading at $41,523, with an intraday loss of 1.65%, teasing a potential breakdown below the triangle’s lower trendline.
Should the price close below this level on the four-hour chart, we could see intensified selling pressure, potentially driving the price down to $40,000, and possibly even to $38,000, equating to an 8% loss.
Conversely, symmetrical triangles are typically considered bullish continuation patterns. Thus, an upward breakout would signal a resurgence of buyer activity, potentially leading to a retest of the $44,700 high and targeting higher levels at $44,150 and then $52,000.
Is BTC Price Ready For a Bull Run?
Reflecting on the previous downtrend from November 2021 to December 2022, the current recovery phase appears to be approaching a critical 50% Fibonacci retracement level. While Bitcoin has yet to demonstrate sustained trading above this level, achieving it would signify a diminishing bearish control and reduce the likelihood of a continued downtrend.
- Bollinger Band: The midline of the Bollinger Band indicator has been providing dynamic support to participants for the past two months.
- Vortex Indicator: The VI+(blue and VI-(pink) slope nearing a bearish crossover would accelerate the selling pressure in the market.
