Bitcoin

April

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/bitcoin-to-hit-50k-in-next-4-weeks-here-is-how-says-prominent-crypto-trader/">Bitcoin to Hit $50K in Next 4 Weeks, Here Is How? Says Prominent Crypto Trader</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market is on a positive trajectory with a breakout in the 78-week chart; this marks the beginning of the third bull wave. Additionally, Bitcoin’s correlation with the S&amp;P 500 (SPX) is presently the lowest in four years, solidifying its position as a reliable investment hedge.&nbsp;</p>
<p>Adrian Zduńczyk, a respected crypto trader, offers a comprehensive technical analysis of Bitcoin’s price trajectory. He predicts that Bitcoin will surge to $50k in the next four months, with a remarkable 43% increase from its current BTC price.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">Will <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> hit $50k in next 4 weeks? I don't have a crystal ball, yet reliable technical studies say it's possible. Here's what I found:<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f514.png" alt="🔔" class="wp-smiley" style="height: 1em; max-height: 1em;">Bull market: 78-week breakout. Starts bull wave #3. SPX correlation lowest in 4 years (BTC is hedge). Long-term trends rising.… <a href="https://t.co/sLIxcQCdtg" rel="noopener noreferrer nofollow">pic.twitter.com/sLIxcQCdtg</a></p>— Adrian Zduńczyk, CMT (@crypto_birb) <a href="https://twitter.com/crypto_birb/status/1719422697837384036?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 31, 2023</a>
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<p>Meanwhile, the upcoming anticipation of ETFs (Exchange-Traded Funds) approval and the scheduled Bitcoin halving event in April could also play a substantial role in Bitcoin’s price trajectory.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-chart-patterns-strong"><strong>Technical Analysis and Chart Patterns</strong></h2>
<p>To solidify his prediction, Adrian Zduńczyk has offered technical analysis insights that indicate an upcoming price surge.<br><br>In October, Bitcoin’s trading volume surged, indicating heightened market activity for November. The increase in trading volume often signifies growing interest and participation, elements favourable to a bullish trend.</p>
<p>Additionally, indicators such as the Relative Strength Index (RSI) show promise. The RSI reveals signs of an impending breakout, hinting at substantial price fluctuations in November.</p>
<h2 class="wp-block-heading" id="strong-golden-crosses-historical-trends-strong"><strong>Golden Crosses Historical Trends</strong></h2>
<p>With the occurrence of a “<a href="https://coinpedia.org/news/bitcoin-nears-historic-golden-cross-milestone-following-30-price-surge-in-2-weeks/" rel="noopener noreferrer nofollow">golden cross</a>” signifies a dominant bull market, marked by the 50-day simple moving average (SMA) overtaking the 200-day SMA in an upward trajectory.&nbsp;</p>
<p>However, the current numbers show the 50-day SMA at $27,714 steadily rising, while the 200-day SMA stands at $28,174. With such bullish sentiment in the market, it is expected that the next Bitcoin price target is approximately $40,000</p>
<h2 class="wp-block-heading" id="h-short-term-price-correction"><strong>Short-Term Price Correction&nbsp;</strong></h2>
<p>Adrian Zduńczyk further sheds light on the possibility of a short-term price correction in the upcoming time. In the event of such corrections, Bitcoin’s price may dip to a range of $33,400, characterized by consolidation and tightening momentum bands.</p>
<p>Meanwhile, the key support for Bitcoin remains at $33,000, indicating that the bulls are firmly in control.</p>

Bitcoin to Hit $50K in Next 4 Weeks, Here Is How? Says Prominent Crypto Trader

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