Following a recent surge, Bitcoin bears are resuming their aggressive stance, aiming to confine the price within a tight range. The recent rejection suggests an increased potential for a significant bearish downturn as selling volume gradually mounts, indicating forthcoming negative trends for the crypto. However, the bulls seem to be gathering momentum for a potential strong recovery in the near future.
The current study is based on MACD cross-over in the long term. The cross-over in the monthly chart occurred a couple of months ago, which signalled the token’s potential to trigger a healthy rebound in the coming days. Since 2014, the monthly MACD has formed a bullish cross nearly three times. Interestingly, in all cases, the 0.786 FIB levels were hit either before or after. Therefore, a similar trend is expected to recreate itself at the moment, which may push the prices towards new highs.
The recent decline has brought the price close to testing the symmetrical support that has been held twice earlier, in June and May 2023. The current trade setup appears to be similar to that of the December 2015 bullish cross, which took 6 months until it reached the 0.786 FIB level. This time range could possibly be shortened at the current stage, which may take just 4 months. Hence, before the end of the year, the Bitcoin (BTC) price is speculated to reach $50,000 as per the historical MACD bullish crossovers.
Despite the ongoing bearish trend, the overall long-term outlook for Bitcoin remains optimistic. Thus, closely observing this month’s closing price gains importance, as it could significantly influence the upcoming trajectory of BTC’s price.
Source: https://coinpedia.org/price-analysis/bitcoin-price-prediction-can-btc-reach-50000-in-2023/