Bitcoin (BTC) has begun riding the recent bull market wave, surging with new gains after weeks of sluggish momentum, with crypto analysts predicting more potential gains for the leading cryptocurrency assets in the coming days.
Bitcoin will see a correction after rising to $45,000
A cryptocurrency expert from Cheeky Crypto has made a bold prediction for Bitcoin. The analyst revealed his recent projections during one of the latest episodes of Cheeky Crypto YouTube.
His predictions came in light of Bitcoin’s price closing on a positive note on Wednesday, leading the altcoin market as a whole. As the new trading day began, the price of BTC broke above the consolidation, indicating that the bulls have returned to prominence.
The latest analysis from Cheeky Crypto Analysts dives into the current trading range for Bitcoin. In the analysis, the expert talked about a potential upside where BTC will go $45,000.
He defined the current phase as a continuation pattern and predicted that after the range is completed, an upside breakout will occur. The analyst mentioned that volume profiles have declined across the market range, giving him the belief that the price will rise to $45,000.
However, he believes there will be a notable correction after that BTC reaches the above price level. Meanwhile, given the positioning on the Stochastic Relative Strength Index (RSI), he expects a further decline to $30,000.
He highlighted that there is resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA) for BTC’s current trading range. If the 50 EMA is breached, Bitcoin could retest the 50 EMA and the 200 EMA would provide additional support.
In addition, the analyst looked at a range of indications over the hourly, daily and weekly time periods. He noted the key levels of support, resistance and indicators to inspect for future market changes and momentum, such as the RSI and the stochastic RSI.
BTC’s price rises above $44,000, looks at $45,000
Amid the recent bullish rally that encompassed the crypto market, Bitcoin’s price has risen by over $44,000. This is the first time this month that crypto assets have reached this level, signaling a market recovery.
The recent wave has created quite a positive sentiment across the crypto space. It is believed that the increase may be due to the expectation around Ethereum Spot ETFs and BTC ETF options. Although trend levels are still low compared to last month, this indicates the need to remain vigilant.
At the time of writing, Bitcoin’s price is up over 4% in the past 24 hours, trading at $44,704. Moreover, the market capitalization and trading volume have increased by more than 4% and 47% in the past day.
Featured image from iStock, chart from Tradingview.com
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