Bitcoin price somehow managed to sustain above $47,000 since the early trading hours amidst a couple of pullbacks. The star crypto maintained a descending trend by hovering below $47,500 and also plunged below $47,000 for some time. However, the current price fluctuations are considered a healthy accumulation that could uplift the price above $50,000 very soon.
The flagship crypto has now entered the pivotal support zones just below $47,000 and waiting for a bounce back. However, the possibility of the asset hitting the lower support base close to $46,000 surfaces that may ignite a flip. Despite all these odds, the BTC price still appears pretty bullish, due to smashing $50K before the weekend.
A popular analyst says that the Bitcoin price after smashing the initial target just above $46,000, is due to test the next target above $50K. As per the prediction, the BTC price is on the verge to enter the support zone. However, with an extended pullback, the price is expected to undergo a larger flip at $46,600 and quickly hit $48,700 resistance levels again. Further another setback is expected which could retest the levels around $47,700.
This is when the Bitcoin price may ignite a massive leg up to break through the consolidation and range high towards the $50K target. However, the rally may also include a couple of pullbacks, yet the bulls may have been pretty sure then who could dominate the rally. And hence nullifying all the odds, the price may still hover towards the target firmly.
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Source: https://coinpedia.org/price-analysis/bitcoin-btc-price-heading-towards-second-target-50k-traders-are-you-ready-for-the-massive-jump/