The Bitcoin price has been at the core of the entire crypto space. The majority of the cryptos tend to follow the star crypto and appear to be highly dependent on it. While the recent push beyond $30,000 has lit up the entire crypto space, the pullback has also triggered a notable bearish trend. However, the prevailing consolidation is believed to wane very soon, which may spark a fine upswing in the coming days.
Considering the weekly price chart of Bitcoin, it can be observed that the 2017-18 trend is repeating again. If the levels continue to inflate as they did in the previous one, the BTC price is believed to ignite a fine upswing very soon. As per a popular analyst, Tradingshot, the Bitcoin price may soar as high as $49,000 in November 2023.
The weekly chart for 2014-17 and the current one display astonishing symmetry between the two. The price is consolidating after almost hitting 0.5 FIB levels in the past few weeks. Now that the price has completed the red, blue, and yellow phases of the pattern, the green phase is believed to trigger a slight upswing in the coming days. Previously, in 2016, this phase lasted for 28 weeks and, at its end, reached 0.78 FIB levels.
As a result, this is a highly probable target, with the 0.786 FIB being at $49,000 and the 28-week span ending on November 13, 2023. Meanwhile, the RSI faced a minor pullback after hitting overbought levels, indicating a minor pullback may be imminent for the Bitcoin (BTC) price. But whether the price may rebound quickly and resume the upswing or maintain a healthy descending trend is a burning question at the moment.
Source: https://coinpedia.org/price-analysis/bitcoin-may-reach-49000-in-november-predicts-an-analyst-have-btc-bulls-awakened/