#Bitcoin recently hit a significant milestone, reaching $50,000, leading to considerable excitement among market participants.
Over the past seven days, #Bitcoin has surged by more than 15%, marking one of its highest weekly gains reminiscent of the 2021 bull run.
BTC's price action is displaying clear bullish signals, indicating potential for further upward movement before the conclusion of 2024.
A bullish breakout from the cup-and-handle pattern has occurred, a common reversal pattern signaling a potential trend reversal and entry opportunity for traders.
Long-term analysis suggests a highly bullish outlook for $BTC, with attempts to surpass the upper resistance of the expanding megaphone pattern.
Favorable volume trends indicate strong buying pressure, likely propelling BTC's price beyond the interim resistance at $51,900.
Following the achievement of new milestones, price consolidation is expected due to potential exhaustion among bullish traders.
As per Coin Gabbar analysis, Despite potential short-term bearish activity, $BTC is anticipated to rebound and potentially reach $60,000 by the end of the first quarter, with a longer-term target of $100,000 by the conclusion of 2024.
KEY LEVELS :
RESISTANCE LEVEL : $58,000-$70,000
SUPPORT LEVEL : $45,000-$40,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Also read: Bitcoin Price Prediction:Rally Show No Signs of Slowing Down
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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