After a week of gains, Bitcoin and the majority of the big cryptocurrencies were trading flat. The global cryptocurrency market was in the red while Bitcoin was hovering around $47,000. The price of Ethereum remained unchanged at $3,300. Dogecoin and Shiba Inu, two popular altcoins, had the highest drops.
BTC Price Action
Bitcoin is now trading at $47.3k, however, it established a bottom at $46.5k yesterday after a fall from $48k. This was the initial support on the downside, as expected, and it held firm, bringing the price back to mid-$47,000. Multiple corrections, on the other hand, might weaken the bulls’ grip on the market, causing Bitcoin to retrace lower.
Two hammer candles are visible on the daily chart, which is commonly used as a reversal pattern. The situation is different here, but the possibilities of a further drop remain till we break $48.3k. A swing low of $44.5k and a high of $48.2k can be seen at the 23.6 percent fib retracement level. As a result, there is a lot of resistance on the way up. Without a doubt, the price has been stuck there for a few days.
Also Read : These Altcoins Might See 2-3x Rally Soon, With Bitcoin (BTC) Price Surging Above $50k
If a big decline occurs, and $46.5k is also broken, we’ll search for $46k-$46.3k as the trendline’s next level of support. It is critical that the bullish trendline remains intact. Looking at the upside potential at $48.3k, we’ll need a lot of volumes. If it breaks, the following levels of resistance are $49k and $50k. Overall, if the 200-day Moving average is broken, it will confirm that we are still in a bull market.
Bitcoin Price to Skyrocket to $80K
Popular trader Crypto Ed claimed the time was appropriate to be “extremely positive” on BTC going forward while noting the need for a further pullback in an ideal scenario.
“Hope for a little bit more down today, but often in this kind of bull markets, it’s too much asking for.”
Zooming out, Ed noticed some ongoing construction that had been going on since the summer of last year. While these may theoretically reemerge, there were “serious reservations” about such a scenario, and if the bullish follow-through happened, the completion objective would be beyond current all-time highs.
“That gives me a target of around $80,000.”
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Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-hit-80k-soon-heres-when-and-how/