Bitcoin broke $48,000 after a bullish upward move today.
The technicals point to a target of $52,000.
Still, BTC must first overcome resistance at $50,000.
Share this article
Bitcoin has kicked off Q4 with a bang after surging by more than 15% in the last 36 hours. BTC has breached the $45,000 resistance level, which means higher highs could be on the horizon.
Bitcoin Enters Rally
Bitcoin is breaking out. The leading crypto asset broke $48,000 earlier today and appears to be heading toward $52,000.
BTC recently endured a consolidation period that lasted more than six weeks. The price charts show that the asset developed a falling wedge throughout the stagnation phase, beginning Aug. 19. However, the beginning of the final quarter of the year may have encouraged investors to buy in.
The sudden spike in buying pressure has completely stopped the downtrend and pushed Bitcoin above the wedge’s upper trendline, leading to a trend reversal. Given the recent breakout, higher highs are possible.
The measurement of the height of the wedge’s y-axis suggests that Bitcoin is primed for a 15.5% upswing. Such a bullish target would give BTC a market value of just under $52,000.
Bitcoin’s price history shows that $50,000 is a psychological resistance barrier. It has failed to break the barrier or trended down after hitting $50,000 throughout this year. Due to the importance that market participants put on this benchmark, a decisive close above the level would be a strong sign that BTC is poised for further upside.
After $50,000, the next key level is the wedge’s target at $52,000. Further buying pressure could push BTC toward the next crucial resistance barrier at $54,400. A break of that price point could potentially lead to a continuation of the uptrend toward $100,000.
Still, a rejection of the $50,000 could see BTC dip to $45,000.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
On-Chain Metrics Turn Bullish for Bitcoin and Ethereum
Bitcoin and Ethereum appear bound for high volatility as several on-chain metrics suggest that buying pressure is accelerating. Still, these cryptocurrencies must overcome one obstacle to resume the uptrend. Bitcoin…
Bitcoin Sidechain Liquid Plans Oct. 4 Hardfork
The Bitcoin sidechain Liquid Network will execute the DynaFed hardfork on Oct. 4. Liquid Schedules DynaFed Hardfork A hardfork for the Bitcoin sidechain Liquid Network is scheduled to go live…
Twitter Introduces Bitcoin Tipping for All Users
Twitter announced in a blog post today that its users are now able to send tips via the Bitcoin blockchain. Twitter Adds Bitcoin Tips Twitter’s cryptocurrency tipping service allows users…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…