Bitcoin is in a bullish trend over the weekly analysis and is following trendline support, which shows that it is above the major 50 and 200-week EMAs. This shows that the weekly trend is strongly positive and the weekly outlook also seems bullish. The last weekly golden cross was observed in February 2023 and there was a pump on the chart at the time.
Examining the daily chart, an EMA golden cross occurred in October 2023, leading to a significant price surge from $26,900 to $49,000. While the ascent was impressive, it encountered strong resistance, causing a retracement to establish support around $39,500. Notably, there is a sign of resurgence as the price bounced back from this crucial support level, indicating a potential renewed bullish momentum.
The BTC asset is exhibiting bullishness and rising capacity as it sustains above the 50-day and 200-day EMAs. Depending on the impetus from buyers, there is potential for the price to further ascend and reach higher levels.
The Bitcoin crypto is demonstrating bullish potential as the MACD is showing a bullish cross as the MACD line is at 64 and taking support from the signal line which is at -110, and the gap between them, known as the histogram, is growing at 174.
The RSI is above the 50 level in positive territory and increasing gradually while taking support from the 14-SMA, signifying that the BTC crypto is gaining traction for the upside and can reach new highs.
Based on the overall chart analysis, the Bitcoin asset is showing bullish traits and a bullish outlook and can achieve further growth. It has demonstrated good performance in the past week and in the past three months by 1.46% and 21.61% respectively, indicating a reliable upward trend.
At press time, the BTC crypto is experiencing a surge of 0.43% in the last 24 hours, trading at $42752.
Therefore, if the demand for Bitcoin remains high, the asset price could continue rising from the current level. The next big goal for the price would be to reach $50,000, and an in-between resistance level could be $45827.
On the flip side, if the sentiment changes and starts to slump, then the important support would be $38379, and below this level, the fall could be drastic and big.
Summary
The Bitcoin asset is showing bullish traits and a bullish outlook and it can achieve further growth. It has demonstrated good performance in the past week and also in the past three months and the price action seems bullish.
Therefore, if the demand for Bitcoin remains high, the asset price could continue rising from the current level. The next big goal for the price would be to reach $50,000, and the in-between resistance level would be $45827.
Technical Levels
Support Levels: $38379
Resistance Levels: $45827
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/02/05/can-bitcoin-price-skyrocket-reach-50000-mark-in-the-future/