Convergence

Rally

Cardano

Bitcoin ETF

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/rYX1PVlr-e1699717048138.png" class="attachment-full size-full wp-post-image" alt="BTC price" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p><span style="font-weight: 400;">Bitcoin Price Prediction: Throughout 2023, Bitcoin (BTC) investors have witnessed a consistent uptrend, characterized by the formation of a rising wedge pattern. This pattern, defined by two ascending trend lines, has served as a dynamic barrier and support system, fostering a slow but sustainable recovery. A significant contributor to the <a href="https://coingape.com/markets/bitcoin-price-eyes-50k-backed-by-spot-bitcoin-etf-euphoria-and-btc-halving/">current buying pressure</a> is the growing anticipation surrounding the approval of Bitcoin spot ETFs. Recently, the BTC price surpassed the upper trendline of this pattern, a move signaling that buyers might be gearing up for a more aggressive rally.</span></p> 
<p>Also Read: <a href="https://coingape.com/bitcoin-etf-launch-will-precede-major-crash-peter-schiff/">Peter Schiff Predicts A Market Crash After Bitcoin ETF Launch</a></p> 
<h2 id="b-is-btc-price-heading-to-40000-b"><b>Is BTC Price Heading to $40000?</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">An upside breakout from a rising wedge is a rare and stronger signal of rising buying pressure</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Surpassing the 38.2% Fibonacci retracement level reflects the sellers are gradually losing their grip on BTC</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in Bitcoin is $17.1 Billion, indicating a 42% loss.</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/r/rYX1PVlr.png" alt="TradingView Chart">Source-Tradingview</span></p> 
<p><span style="font-weight: 400;">The Bitcoin price entered a stronger phase of recovery around mid-October, bouncing back notably from the $26,600 level. Over the following month, the coin price experienced a bullish surge of 43% and reached a 16-month high at $38,000.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">This rise in buying pressure seems to be fueled by substantial accumulation by Bitcoin holders and optimism over potential <a href="https://coingape.com/btc-price-surges-to-36500-as-bitcoin-etf-approval-window-opens/">approvals for all 12 Bitcoin spot ETFs</a> by the US SEC. In this rally, BTC notably broke out from the resistance trendline of the rising wedge pattern. Though the pattern itself suggests an uptrend, a bullish breakout signifies the market’s readiness for an even more robust recovery.</span></p>
</blockquote> 
<p><span style="font-weight: 400;">Currently, the BTC is trading around $37,257 and with an intraday loss of 0.3%, it appears poised to retest the breached trendline for potential support. If buyers sustain above this pattern, we might see a further 30% rise, potentially reaching $48,257.</span></p> 
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<h2 id="b-has-the-downtrend-ended-b"><b>Has the Downtrend Ended?</b></h2> 
<p><span style="font-weight: 400;">Along with a bullish breakout of the wedge pattern, the BTC price has also surpassed the 38.2% <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci Retracement Level</a> of the correction trend of the downtrend witnessed from November 2021 to November 2022. This development indicates a growing confidence among buyers, hinting at the initiation of a sustained bull run. However, a breakout above the 50% retracement level($42,800), is still required for better confirmation of this recovery, as surpassing this threshold would significantly weaken bearish momentum.</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><b>Bollinger Bands: </b><span style="font-weight: 400;">The downswing in the upper boundary of <a href="https://coingape.com/education/bollinger-band/">Bollinger Bands</a> is a notable concern as it provides strong overhead resistance to BTC Price</span><b>.</b></li> 
 <li style="font-weight: 400;" aria-level="1"><b>Moving Average Convergence Divergence: </b><span style="font-weight: 400;">A positive crossover between <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and Signal line in the bullish territory, reflects a strong recovery sentiment in the market.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-hints-rally-to-45k/">Bitcoin Price Prediction Hints Rally to $45K as Buyers Break 15-Month Barrier</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Price Prediction Hints Rally to $45K as Buyers Break 15-Month Barrier

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