Bitcoin Price Prediction As $BTC Edge Towards Next Breakout; Is $50K Next Target?

Bitcoin Price Prediction: the BTC price on the verge of a triangle pattern breakout would set the next direction of the asset.

Published 4 hours ago

Bitcoin Price Prediction: After witnessing steady growth for the last 8 weeks, the Bitcoin price rally hit a significant roadblock of around $44,700. This pause in the upward trajectory has cast a shadow of uncertainty over many major altcoins. However, this period of post-rally consolidation could be beneficial, allowing buyers to regain strength and momentum for the next upward movement.

Also Read: Bitcoin Whales Moves 7200 BTC To Coinbase, Here’s What Popular Analyst Predicted

Is Bitcoin Price Heading to $50000?

  • The BTC price witnessed high supply pressure at $44700
  • A breakout beyond the triangle pattern would trigger a directional trend
  • The intraday trading volume in Bitcoin is $15.3 Billion, indicating a 2.1% loss.
Bitcoin Price Prediction
Bitcoin Price Prediction| TradingView Chart

Recently, the Bitcoin price has been caught in a lateral movement, struggling to break through the $44,700 barrier. This phase of consolidation, while indicative of market hesitation, reveals a symmetrical triangle pattern on the four-hour chart. 

At present, the BTC price is trading at $41,523, with an intraday loss of 1.65%, teasing a potential breakdown below the triangle’s lower trendline. 

Should the price close below this level on the four-hour chart, we could see intensified selling pressure, potentially driving the price down to $40,000, and possibly even to $38,000, equating to an 8% loss. 

Conversely, symmetrical triangles are typically considered bullish continuation patterns. Thus, an upward breakout would signal a resurgence of buyer activity, potentially leading to a retest of the $44,700 high and targeting higher levels at $44,150 and then $52,000.

Is BTC Price Ready For a Bull Run?

Bitcoin Price Prediction
Bitcoin Price Prediction| TradingView Chart

 Reflecting on the previous downtrend from November 2021 to December 2022, the current recovery phase appears to be approaching a critical 50% Fibonacci retracement level. While Bitcoin has yet to demonstrate sustained trading above this level, achieving it would signify a diminishing bearish control and reduce the likelihood of a continued downtrend.

  • Bollinger Band: The midline of the Bollinger Band indicator has been providing dynamic support to participants for the past two months. 
  • Vortex Indicator: The VI+(blue and VI-(pink) slope nearing a bearish crossover would accelerate the selling pressure in the market.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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