Bitcoin price analysis: bullish BTC may hit the $46000 mark
This is the most popular cryptocurrency in the world, and the crypto market is enjoying a massive bullish rally at the moment. Prices are skyrocketing, and the market is now trading well into the $50k range. Nevertheless, the market is somewhat unpredictable, and we can’t be sure where the price will head next. One thing we do know, and many people have been talking about is the possibility of Bitcoin reaching the $46k mark.
The Bitcoin price is trading sideways with a slight upward bias in price as traders and investors look to benefit from the upcoming halving of the Bitcoin supply. Although the Bitcoin supply has already been reduced to 12M by the Bitcoin mining community, the miners still have 3.6M to go before the supply is zero, and that number is expected to double to 6.5M by the end of the year.
Bitcoin (BTC) is the world’s leading cryptocurrency and the value of the cryptocurrency has skyrocketed this past year, trading at around $13,000 in December. While the price of BTC has dipped in January, it remains strong and is expected to rise again. But what is the future of Bitcoin? Should investors be worried about the high price? What does current BTC trading data tell us?. Read more about bitcoin news and let us know what you think.
Bitcoin price research reveals a strong positive trend.
The current level of support is $43518.
The $46000 level is now proving to be a stumbling block.
At the time of writing, Bitcoin is going bullish, and there is no stopping the king of cryptocurrency. At the time of writing, a tiny cup and handle pattern was developing on the 4-hour candlestick chart, reinforcing the bullish signal. If the pattern holds, the cryptocurrency king is expected to burst over the $45,800 barrier and into the $46000 range.
Analysis of the Bitcoin price: The 4-hour candlestick is very bullish.
Bitcoin price analysis on the 4-hour candlestick chart indicates strong bullish momentum developing further up, with the price now sitting around $45550. It’s worth noting that the price is now hovering around the $45600 level and higher. The Bollinger’s band, on the other hand, indicates a lot of volatility in the Bitcoin price, with the upper Bollinger’s band limit at $45930 and the lower Bollinger’s band limit at $41106.
4-hour chart of bitcoin price analysis Trading View is the source of this information.
The BTC/USD price’s moving average score is now at $44251, which is also acting as a support level at the time of writing. At the time of writing, the $43518 level is the strongest support. On the 4-hour candlestick chart, the RSI score is at 69.06, precisely below the red zone of 70.
Analysis of the Bitcoin price: The 1-day candlestick chart indicates a minor divergence.
The king of cryptocurrency’s 1-day candlestick pattern deviates somewhat from the 4-hours candlestick chart. On the 1-day candlestick chart, however, the cup and handle structure, which is just modest on the 4-hours chart, seems to be fully formed. The bullish momentum created by the cup and handle pattern formation is now driving the BTC/USD market higher. Volatility has risen significantly on the 1-day chart, with the upper Bollinger’s band at $46872 and the lower score at $31455.
A one-day chart of the Bitcoin price is shown below. Trading View is the source of this information.
The moving average serves as the initial support level for the BTC/USD pair at $41651, while strong support is located around $39163, indicating considerable divergence from the 4-hours candlestick pattern. The RSI score is at 71.67, which is a little divergence from the 4-hours candlestick chart since the present score is barely in the red zone for the RSI score. A score of more over 70 indicates that the king of cryptocurrency is now oversold.
Technical indicators for the Bitcoin/US Dollar exchange rate
At the time of writing, nine technical indicators are neutral, while 15 are at the buy signal and just two are at the sell signal.
Technical indications for the Bitcoin price Trading View is the source of this information.
Out of the 11 oscillators, eight are neutral, with two at the purchase level and just one at the sell point. While 13 indicators out of the moving averages are at a strong buying level, just one neutral indicator and one selling sign are at a strong selling mark.
If the solid support holds, the king of cryptocurrency is expected to enter a strong bullish momentum, pushing the BTC/USD price over $46000. Even if the bears gain control of the Bitcoin price movement, if the support fails the king, Bitcoin price is likely to remain steady above $43000.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
The cryptocurrency market is in the midst of a rollercoaster ride that could push the price of bitcoin over $46,000, according to a leading analyst. “Bitcoin could have a very strong run in the months ahead,” said Dr. Garrick Hileman of the University of Cambridge, who has tracked the price of bitcoin for the past seven years. “The price of bitcoin is likely to rise by a further 100 percent from its current level.”. Read more about btc news now and let us know what you think.
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