Bitcoin surged above $47,000
In recent weeks, the price of BTC has been on a steady upward trajectory, reaching an impressive high of $47,248 today.
Additionally, Bitcoin broke through the 0.5 Fibonacci retracement level and is now approaching the 0.618 level, coinciding with a significant horizontal resistance area. This marks the final hurdle before reaching its all-time high.
Source: TradingView
Concurrently, the weekly RSI momentum indicator is showing an upward trend, although there are signs of a potential bearish divergence (yet to be confirmed) indicated by the green line.
What industry analysts are saying
Traders and analysts specializing in cryptocurrencies are optimistic about Bitcoin’s future prospects.
Bluntz Capital, using the Elliott wave theory as a basis, predicts that BTC’s upward movement will continue and possibly reach $50,000:
4-hour BTC/USDT chart. Source: X
Cryptocurrency trader John Brown, in anticipation of the approval of ETFs, highlights the fact that “ETFs will introduce Bitcoin into the portfolios of many people who previously had no exposure to it,” potentially turning them into allies rather than adversaries.”
Jim Cramer, a renowned trading guru and host of Mad Money, believes that the price of BTC will soon reach its peak.
Lastly, Daan Crypto has observed a significant sell wall around $48,000 on Binance.
BTC Forecast: Will it reach the $50,000 milestone?
The 2-day timeframe suggests that the price will continue to climb for some time before reaching its apex. This likelihood is supported by the most probable wave scenario, which indicates that BTC is currently nearing the top of the third wave within a five-wave bullish structure (shown in white). The chart also includes a sub-wave analysis shown in black, which suggests that Bitcoin is currently in the fifth and final sub-wave.
The projected target for completing this upward movement falls within the range of $50,300-$51,300. This range is supported by the following factors:
- The ratio of the first and third waves is 1:1.61
- External correction at 2.61 of the fourth sub-wave (black)
- Horizontal resistance area
This target represents a 9% increase from the current price and encompasses multiple resistance levels. As such, it is feasible that Bitcoin may form a peak once it reaches this threshold.
Source: TradingView
However, if BTC falls below the high of the third sub-wave (shown in red) at $44,700, it would indicate that the price has already reached its peak. In such a scenario, BTC could experience a 13% decline towards the previous resistance trend line within the channel, around $41,000.
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