Marking the 4th consecutive bullish day, the price of Bitcoin picks up the lost momentum and crosses the $40K finally after a long wait of 19 months. The sudden uptrend in BTC price sparks a new bull run within altcoins, especially those linked to Bitcoin like Bitcoin Cash.
With the $40K breakout, the bullish momentum leaks into the ETH price trend, leading to a 12% jump in the last five days. A similar trend is visible in the overall market teasing a new altcoin season as the BTC price prediction of crossing $50K in 2023 becomes more probable.
Source – Tradingview
Following a bullish turnaround in a flag pattern, the buyers manage to prolong the uptrend journey. With an 11% jump in the last four days, the demand for Bitcoin skyrockets thanks to dovish comments of U.S. Central bank professionals and the high anticipation of Bitcoin Spot Approval in the states.
Completing a long-term rounding reversal pattern, the ongoing recovery rally plans a bullish marathon for the coming year. With the Bitcoin Halving 2024 event bringing its positive vibe with the deflationary move for miners, the BTC price is sure to skyrocket, based on historical performance in Halving years.
Further, the statement by Jerome Powell about interest rates entering the restrictive territory. Increasing the likelihood of rate cuts in the coming year, the bull run chances improve for Bitcoin.
Coming back to the technical price chart, the BTC price trend is sure to gain momentum as the year ends. Moreover, the BTC price currently trades at $41,452 with an intraday growth of 3.66% to form a bullish engulfing candle. Starting the week on a bullish note, the crypto sets a positive tone for the rest of the week.
The uptrend is approaching the 38.20% Fibonacci level at $42,573, teasing a run to $51,437.
Technical Indicators:
The daily RSI line shoots into the overbought zone reflecting a boom in the underlying demand and trend momentum. Further, the line displays no sign of divergence taking a bullish stance.
The MACD and signal line give a bullish crossover reflecting a trend reversal for Bitcoin.
Will BTC Price Reach $50K in 2023?
The rising trend momentum and the improving market sentiments teases a positive year end for Bitcoin. Further, the increasing sentiments around potential interest rate cuts in the coming year will provide bullish catalysts for the ongoing rally.
At present, the anticipations for the bullish 2024 are driving the hopium rally in Bitcoin, making it possible for a bull run to $50K. However, the breakout of aforementioned Fibonacci levels will be critical pivotal points.
Source: https://coinpedia.org/price-analysis/powells-dovish-comment-help-btc-price-top-40k-eyes-45k/