Bitcoin Price Prediction, To Halt or Not to Halt Is the Question
- Bitcoin recently experienced a noteworthy upturn, surpassing the $44,000 threshold for the first time since early 2022.
- The surge is attributed to various factors, with a notable influence being the decline in interest rates.
- Institutional investors' increasing interest and the anticipation of regulatory approval for spot-based BTC ETFs in the U.S. are key drivers behind Bitcoin's impressive climb.
Bitcoin breaks $44,000, consolidates gains, eyes $45,000 rally.
According to Coingabbar Technical Analysis, BTC is on the brink of forming a Golden Cross on its weekly chart, indicating a potential bullish trend.
Bitcoin is poised to conclude its eighth consecutive week with a positive trading performance, reaching a 20-month high as the break commenced.
BTC is currently trading above the Descending channel pattern on the daily chart, signaling a sustained upward trend.
On the 4-hour chart, following a lengthy bullish candle, Bitcoin is within the confines of a Bullish Flag Pattern, suggesting a continuation of the upward momentum.
The recent rally is elucidated on the 4-hour timeframe, where Bitcoin successfully broke above a significant rising wedge pattern and is maintaining its position above it.
BTC has breached the upper resistance of a symmetrical triangle, indicating a potentially strong upward movement. A weekly closure above $45,000 could set the stage for further gains.
However, failure to surpass the $45,000 level might prompt a retracement towards the $42,000-$40,000 range.
KEY LEVELS :
RESISTANCE LEVEL : $44,500-$45,000
SUPPORT LEVEL : $43,500-$42,800
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
