Can Bitcoin Price reach $50,000 soon? Yes, if THIS happens

Bitcoin price dipped once again below $40,000. On the other hand, many technical analysts are seeing this price drop as an opportunity to buy. Bitcoin did in fact crash in November 2021 by more than 50%. Today, its prices are looking better, establishing a nice medium-term uptrend. Can Bitcoin reach $50,000 soon? Very achievable, if THIS happens. Read on to know more 😉

Is Bitcoin Price up? Definitely!

The Bitcoin price has repeatedly found support on the trend line drawn in the past few days, which is why we assume that the price will rise in the near future. We are therefore assuming that the figures will be green in the coming weeks. The next target is still around $47,000.That’s where the next resistance is. After the resistance is reached, we expect the price to drop back down to the support trendline to retest it as support. After that, there could be an eruption soon.

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BTC/USD 1-day chart showing the uptrend in Bitcoin price — **Fig.1** BTC/USD 1-day chart showing the uptrend of Bitcoin – TradingView

Bitcoin Price 50K – What’s needed for BTC to reach 50K?

As the support trendline is heading towards the $47K resistance, there will be a breakout sooner or later. With the help of the breakout, Bitcoin price could break the $47k resistance and rally to $50k. There is not only the $50,000 psychological level there but also horizontal resistance at around $51,500. This is our goal for the next few weeks.