Bitcoin Price Prediction: The BTC price sustainability above $36500 assist buyers for the next leap
Published 11 hours ago
Bitcoin Price Prediction: The BTC price trajectory has recently hit a stagnation point around the $38,000 level, influenced by the U.S. SEC’s delay in approving Bitcoin spot ETFs. Over the past two weeks, Bitcoin (BTC) has been primarily oscillating between $38,000 and $35,000. An analysis of the daily time frame suggests this period of consolidation may actually be a retest phase following a wedge-pattern breakout, potentially presenting a buying opportunity.
Also Read: Bitcoin (BTC) Derivatives Market Show Resemblance to 2021 Bull Run, Options Expiry Today
Will BTC Price Recovery Continue to $48000
- The BTC price sustainability above the recently breached channel should bolster further rally.
- A breakdown below the new support trendline could trigger a fresh correction in the BTC
- The intraday trading volume in Bitcoin is $16.3 Billion, indicating a 46% gain.
On November 9, the Bitcoin price broke out of a rising wedge pattern’s resistance trendline. This pattern has been indicative of a steady recovery over the last 17 months, and the bullish breakout signals that buyers might be gearing up for an even more assertive recovery.
Currently, the BTC price is trading around $37,200, and the delay in the approval of Bitcoin’s spot ETF has led to a state of uncertainty in the markets. Generally, breakout trades are characterized by quick movement and high momentum, so an extended retest phase could suggest a weakening in buyer conviction.
If the buyers manage to rebound from its new support trendline, a 30% rally towards the target of $48,200 could be anticipated.
Additionally, an ascending trendline in the 4-hour chart provides dynamic support during this retest. However, a break below this support would mark the prior breakout as a bull trap.
Crypto Analysts Hints Sustained Recovery
A renowned analyst, @thescalpingpo has outlined a potential roadmap for the Bitcoin price in the coming months. According to this analyst, the BTC is showing a repetitive pattern of breaking out from significant resistance, expanding, undergoing a minor pullback, and then continuing its rally. With the coin price currently above the $37,000 mark, it is predicted to rise to around $42,721 before entering a minor correction.
- Exponential Moving Average: The 20-day EMA slope provides dynamic support to the BTC price during the current retest.
- Vortex Indicator: A bullish crossover between the VI+(blue) and VI-(pink) slopes indicates that the bullish trend is still in place.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.