Bitcoin surpassed its previous resistance level
On a weekly timeframe, BTC has been progressively rising since early 2023, gaining momentum in October. In January 2024, it reached a peak price of $48,970, but then experienced a bearish candlestick (represented by a red icon). The subsequent rebound confirmed the resistance at horizontal and Fibonacci levels.
However, over the past four weeks, Bitcoin has regained its position and formed multiple bullish candles on the weekly chart, successfully closing above the confluence of resistance levels. Yesterday, it broke its yearly high, reaching $52,816.
Source: TradingView
The Weekly Relative Strength Index (RSI) is indicating bullish signals, surpassing the 70 level which typically signifies an uptrend.
Insights from analysts
Traders and analysts on Platform X are optimistic about the future of BTC.
XForceGlobal utilizes Elliott wave theory to predict the next peak:
BTC/USDT hourly chart. Source: X
CryptoMichNL suggests the possibility of a short-term correction, but also anticipates significant price movements to follow.
Checkmate holds a bullish stance regarding the inflow of funds into Bitcoin ETFs:
“Spot #Bitcoin ETFs received $17,983 BTC on Wednesday, amounting to a total of $928 million. This is an extraordinary figure for a single day, even when considering the inflow of 1.8 thousand BTC into $GBTC. Remember that at some point, presumably soon, this initial surge in demand will subside. But the game has already changed.”
Similar sentiments were expressed by renowned analyst Will Clemente, who highlighted the significant percentage of BTC coins that have remained dormant for over a year:
“Approximately 70% of the Bitcoin supply has not been moved in at least a year, while ETFs are seeing inflows of $500 million daily. You don’t need a PhD in economics to comprehend what will follow.”
BTC forecast: Anticipating growth towards $60,000
The daily chart, similar to the weekly timeframe, demonstrates bullish signals.
Wave analysis suggests that a new bullish trend started on January 22, with the price currently in the third wave. This aligns with the price action, indicating a breakout above the $47,000 resistance area.
Moreover, the daily RSI indicator is in the overbought region. The last instance of this occurrence (marked by green) resulted in significant growth.
BTC is presently trading close to the $51,780 Fibonacci resistance level. A successful breakout would potentially lead to a 7% price surge towards the subsequent resistance at $55,325.
Source: TradingView
Despite the optimistic outlook, a reversal from the current resistance level could trigger a 10% decline in BTC, finding immediate support at $47,000.
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