- Bitcoin price prediction for $50k all set to become a reality soon
- Vital technical indicators point towards a sustained uptrend
- Weekend volumes may rise more BTC positive news hits the crypto market
- Massive support lined up near $40k and $38,500 levels
Bitcoin is set to surpass a critical psychological level of $50,000. Traders and investors line up large buy orders that will propel Bitcoin price beyond $50k resistance. The bullish momentum of the past two days has sustained the BTC/USD pair above $43,500 resistance, and the same is set to continue over the weekend.
After Tesla’s historic announcement regarding the purchase of $1.5 billion worth of BTC, the cryptocurrency has been in a sharp uptrend. Bitcoin price prediction is now at par with Ether and seeing solid gains translate into a long-term bullish trend. The price has surpassed multiple resistances to post a fresh new all-time high of $49,000.
Bitcoin price movement in the last 24 hours: Gradual but sustained bull run
Bitcoin price has been making higher highs during the recent bull run. However, the present price action consists of lower highs, including consolidation in the short-term hourly charts. Even though buyers have high hopes of touching $50k soon, there may be ups and downs on the journey towards fresh peaks.
The recent news about Morgan Stanley considering purchasing Bitcoin has bought another traditional financial player to the crypto realm. Morgan Stanley has a stake in MicroStrategy, which is already in the news to increase its Bitcoin allocation this year. MasterCard will also begin crypto adoption in 2021. Positive crypto news from Bitcoin and Tesla has the crypto realm all charged up with other altcoins also joining in on the rally.
BTC/USD 4-hour chart: Bitcoin all set to touch $50,000
The BTC/USD pair’s net long positions show that Bitcoin price prediction is poised for another rally. Bitcoin has risen approximately 28 percent in the past five days. As per our previous Bitcoin price prediction of crossing $45,500, the BTC/USD pair went close to the 50k level and touched a high of $49,000. The brief consolidation period provided enough liquidity to chase the higher peaks.
The 1.618 Fibonacci extension level of the $46,500 high was achieved well by the bulls. The rising price channel is now again challenging the Bollinger Bands and reaching higher levels if a breakout happens. Bitcoin will likely break the 50k mark in the coming days.
Looking ahead, the price will face significant selling pressure near the $50,000 level. The price channel’s upper peak will ensure that the price does not go significantly higher than the $50,000 resistance. The Fibonacci extension level of 1.414 will bring in the $51,400 resistance that will indeed cap the upside for now. The support is available at $46,100 and then at $45,000. The Bitcoin price prediction reflects that the bulls will likely rest here and undertake a consolidation again before moving higher.
Bitcoin price prediction conclusion: BTC fundamentals are on the whole new high
There has been a remarkable improvement in the public perception of Bitcoin ever since significant companies announced their support for Bitcoin. This past week a range of news has helped Bitcoin price prediction remain in the positive zone. From large institutional buying to long positions built by the day traders, multiple factors helped BTC cross significant resistances.
More and more traditional financial firms are considering crypto allocation in their portfolios. Big names are facing pressure from consistent queries regarding their absence from the crypto realm. Consequently, more banks and financial giants will look towards cryptocurrencies as an investment tool or a hedge against market headwinds.
The past week saw Bitcoin price prediction of crossing $45,000 become a reality. The bulls made consistent gains using large green candles and consolidation phases. Still, the BTC/USD is in a positive phase as long as it remains above the $45,500 support level.