bitcoin (btc) has begun to ride the recent bull market wave and surge with fresh gains after weeks of slow momentum, with crypto analysts predicting further potential gains for the top cryptocurrency asset in the coming days.
bitcoin to See Correction After Rising to $45,000
A cryptocurrency expert from Cheeky crypto has made a bold forecast for bitcoin. The analyst revealed his recent projections during one of the latest episodes of Cheeky crypto on Youtube.
His predictions came in light of bitcoin price closing on Wednesday on a positive note, leading the altcoin market as a whole with it. As the new trading day began, btc price broke out of consolidation, indicating that the bulls are back in the spotlight.
Cheeky crypto analyst's latest analysis delves into bitcoin's current trading range. In the analysis, the expert spoke of a potential bullish surge that will take btc to $45,000.
He defined the current stage as a continuation pattern and predicted that once the range is broken, there will be a bullish breakout. The analyst mentioned that volume profiles have been declining across the market range, which led him to believe that the price will rise to $45,000.
However, he believes that a notable correction will occur after btc reaches the aforementioned price level. Meanwhile, given the positioning on the Relative Strength Stochastic Index (RSI), it anticipates a new drop to $30,000.
He highlighted that there is resistance at the 50 exponential moving average (EMA) and support at the 50 simple moving average (SMA) for btc's current trading range. If the 50 EMA is broken, bitcoin may test the 50 EMA once again, and the 200 EMA would provide additional support.
In addition, the analyst analyzed a series of indications throughout the hourly, daily and weekly periods. He noted key support, resistance levels and indicators to inspect for possible market swings and momentum, such as the RSI and Stochastic RSI.
btc Price Rises Above $44,000, Targets $45,000
Amid the recent bullish rally encompassing the cryptocurrency market, the price of bitcoin has risen over $44,000. This is the first time this month that the crypto asset has reached this level, suggesting a market recovery.
The recent surge has generated quite positive sentiment across the crypto space. It is believed that the increase could be due to anticipation around the ethereum Spot ETF and btc ETF options. Although, compared to last month, the trend levels are still low, indicating that one must remain alert.
At the time of writing, the price of bitcoin has increased by more than 4% in the last 24 hours, trading at $44,704. Furthermore, its market capitalization and trading volume increased by more than 4% and 47% in the last day.
Featured image from iStock, chart from Tradingview.com
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