The leader cryptocurrency, Bitcoin, has actually had a hard time to hold above the $43,000 cost mark over the previous couple of weeks. The last 7 days have actually not been much various for the cryptocurrency, which presently trades listed below $42,000
A popular crypto expert on the X platform has actually stepped forward with a fascinating trajectory for the rate of BTC in the coming weeks. Based upon his forecast, financiers might see the marketplace leader trade above the mental $50,000 level– however there is a caution.
BTC Price To $50,000– But What Happens After?
In a current post on Xpopular crypto trader Ali Martinez advanced a rate forecast, mentioning that Bitcoin’s worth might climb up as high as $50,000 in the future. The expert developed this forecast after determining and studying a historic pattern on the coin’s rate chart on a greater timeframe.
Martinez’s forecast is based upon BTC’s cost action in between 2016 and 2019 on the weekly chart. According to the crypto expert’s post, the premier cryptocurrency experienced a significant rate correction– after reaching a market bottom — when it touched the 0.786 Fibonacci retracement level.
A weekly chart showing Bitcoin's price movement between 2016 -2023 | Source: Ali_charts/X
Martinez thinks that present cost action mirrors the Bitcoin pattern observed in the ins 2015 of the previous years. Historic cost patterns can be valuable in technical analysis and in anticipating the future trajectory of a cryptocurrency.
If this history– on the Bitcoin rate chart– does duplicate itself, financiers might see the worth of BTC rise towards $50,000. Ali Martinez kept in mind that the flagship cryptocurrency might come toppling down later by a considerable 40%.
From the existing cost point, Bitcoin’s journey to $50,000 would indicate a practically 20% upward swing. A 40% decrease right after this rise might see the premier cryptocurrency return to around $30,000.
Bitcoin Price Overview
Since this writing, the worth of Bitcoin stands at $41,831, representing a 1.5% cost decrease in the previous 24 hours. This current dip just even more shows the bearish pressure the marketplace leader has actually needed to deal with in the previous week.
According to information from CoinGeckothe Bitcoin cost is down by almost 4% in the last 7 days. The cryptocurrency has actually had a relatively effective December, having actually increased by about 10% in the last month of 2023.
BTC has actually had among the very best rate efficiencies this year, skyrocketing by an impressive 150% given that January. Bitcoin maintains its area as the biggest cryptocurrency in the sector, with a market capitalization of approximately $823 billion.
Bitcoin price continues to move sideways on the daily timeframe | Source: BTCUSDT chart on TradingView
Included image from iStock, chart from TradingView
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