The bulls appear to have regained control following bitcoin price's return to over $43,000 last week. This positive streak comes after a period in which the leading cryptocurrency struggled, falling below $41,000 at one point.
However, the market leader appears to have regained most of the lost momentum and new highs are now in sight. A popular crypto expert on the X platform presented a new forecast and set a new target for the price of bitcoin.
btc price at $47,000? This is what needs to happen
in a publish in X, cryptoanalyst Ali Martínez offered insight into bitcoin price action and explained the cryptocurrency's possible movements in the coming weeks. This assessment is based on UTXO Realized Price Distribution (URPD) data from on-chain analytics company Glassnode.
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A chart showing the UTXO Realized Price Distribution of bitcoin | Source: Ali_charts/X
Martínez identified the $43,200 area as a crucial support level, which can potentially determine the fate of bitcoin price. The leading cryptocurrency surpassed this price zone on Wednesday, December 20, and has been trading mostly sideways since then.
In his post, Martinez highlighted that as long as the $43,200 life support holds, the momentum will be with the bitcoin bulls. According to the crypto analyst, holding above this support is a catalyst that could push bitcoin price above $47,360.
On the other hand of his analysis, he noted that the price of bitcoin could possibly undergo a correction. The crypto expert emphasized that one of the bearish signals to watch out for is a sustained close below the crucial $43,200 mark.
According to Martínez's projection, a close below $43,200 could send the btc price down to $37,000. This would mean a drop of more than 15% from the current price.
bitcoin Price Overview
At the time of writing, the price of bitcoin stands at $43,783, reflecting a gain of just 0.5% in the last 24 hours. However, in the weekly period, the leading cryptocurrency has shown a tremendous recovery to return to its early January highs.
According bitcoin” target=”_blank” rel=”nofollow”>CoinGecko data, the value of btc has increased by more than 4.5% in the last seven days. Meanwhile, the coin's price rose nearly 16% in December as the market leader looks to close the year at highs.
bitcoin continues to maintain its position as the largest cryptocurrency in the sector, with a market capitalization of approximately $858 billion.
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btc price experiences correction at $44,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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