Despite the current down crypto market, Bitcoin is still considered up. The recent events that made cryptocurrencies crash like the Ukraine war took a heavy toll on the market. On the other hand, cryptocurrencies managed to recover. Bitcoin prices today are well above the 40K price mark, up by more than 30% in the past month. What’s needed for Bitcoin to go even higher, specifically to $52,000? At first glance, the chart looks quite bullish, which is why we remain confident about the $52,000 price mark. In this Bitcoin price prediction article, we’re going to talk about important price areas to consider when buying Bitcoin.
Bitcoin Price 45K – An IMPORTANT Area?
Bitcoin price has tested the former $44,450 resistance four times in a row and failed to break it. At the fifth test, the price was able to break the resistance and a short time later confirmed it as support. We already addressed this in our last Bitcoin forecast. However, Bitcoin price has now retested its former resistance as support, which is not necessarily bearish. Care must be taken that the price does not break the $44,450 level. Should this happen, the Bitcoin price would be rather bearish on the chart.
Bitcoin Price Prediction – When Will Bitcoin reach 50K?
Since breaking the former $44,450 resistance and rallying, Bitcoin price has formed a trend line heading towards the new $44,450 support. Based on this, we anticipate that the Bitcoin price will next rise to the trend line and then retest the support. After that, it could slowly but surely move to a breakout. We expect this to be a consolidation phase, which will lead to a bullish breakout afterwards. We expect a bullish breakout once the trendline is broken. The target, in case of a breakout, is between $50,000 and $52,000.
What’s Happening to Cryptos Today?
In the past 24 hours, most cryptocurrencies retraced by -5.13% on an aggregate level. This comes after a bullish previous week. Having red days is very normal in any market, specifically after having extended uptrends. The top losers from the biggest cryptos by market cap are Solana and Polkadot, losing around -8.6% and -8.1% respectively. Here are the top 10 biggest cryptocurrencies by market cap:
#1 Bitcoin (BTC): – 4.36 %
#2 Ethereum (ETH): – 6.07 %
#3 Tether (USDT): + 0 %
#4 Binance Coin (BNB): – 4.77 %
#5 USD Coin (USDC): + 0 %
#6 Solana (SOL): – 8.68 % (Surpassing XRP and ADA)
#7 Terra (LUNA): – 4.76 % (Surpassing XRP and ADA)
#8 Ripple (XRP): – 5.20 %
#9 Cardano (ADA): – 7.65 %
#10 Avalanche (AVAX): – 8.16 %
You might also like
More from Bitcoin
Why is Bitcoin up? Where will Bitcoin reach next? Let's analyze in this Bitcoin price prediction article as the crypto …