Rally

Bitcoin

Spot

Divergence

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/omdWYgtV-e1700336148767.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: Trailing smoothly over the past <a href="https://coingape.com/markets/bitcoin-price-prediction-as-bull-market-intensifies-network-activity-will-btc-hit-50k-next/">few weeks of high bullish momentum</a>, a hiccup arises in the bitcoin Price trend. With a few Bitcoin Spot ETF approvals being delayed, the market sentiments take a short dip warning of a pullback.&nbsp; The coin Price sustains above the $35K mark but the increased volatility warns of a quick correction if things go south with the Bitcoin Spot ETFs.</span></p> 
<p>Also Read: <a href="https://coingape.com/bitcoin-price-rally-is-powered-by-shrimp-wallet-report/">Bitcoin Price Rally Is Powered By Shrimp Wallets: Report</a></p> 
<h2 id="b-will-market-uncertainty-push-btc-to-35000-b"><b>Will Market Uncertainty Push BTC to $35000?</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A channel pattern carrying the current distribution phase is in BTC</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A bearish breakdown from the support trendline would set a pullback to the $32000 mark</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in Bitcoin is $13.1 Billion, indicating a 3.1% loss.</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/o/omdWYgtV.png" alt="TradingView Chart">Source-</span><span style="font-weight: 400;">Tradingview</span></p> 
<p><span style="font-weight: 400;">Keeping a bullish trend in the weekly chart, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> makes a rising channel pattern. The remarkable recovery with the high anticipation of a Bitcoin Spot ETF arrival drives the BTC price beyond the $35K mark.&nbsp;&nbsp;</span></p> 
<p><span style="font-weight: 400;">Further, the high momentum positive cycle in the channel surpasses the overhead resistance and teases a new breakout rally. However, a pullback phase highlights the increased supply over the channel.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">Currently, the weekly candle shows a bearish influence but with a long tail representing demand at lower levels.&nbsp;</span></p>
</blockquote> 
<p><span style="font-weight: 400;">A potential breakout above this pattern will unleash the trapped momentum and prolong the uptrend. The beauty rally will likely surpass the $40,000 mark, followed by a jump to $48,000, registering a potential hike of 30%.&nbsp;</span></p> 
<p><span style="font-weight: 400;">However, a retracement within this channel can lead to a sharp correction, resulting in the BTC price falling to $35,000.</span></p> 
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<h2 id="b-will-recovery-surpass-40000-b"><b>Will Recovery Surpass $40000?</b></h2> 
<p><span style="font-weight: 400;">With the upcoming deadlines of multiple <a href="https://coingape.com/markets/bitcoin-price-prediction-as-bull-market-intensifies-network-activity-will-btc-hit-50k-next/">Bitcoin Spot ETF applications</a>, the market sentiment remains bullish and anticipates a breakout trend. Moreover, the anticipation is highest around Blackrock’s Bitcoin Spot ETF and can drive the Bitcoin price before approval on the deadline.&nbsp;</span></p> 
<p><span style="font-weight: 400;">This potential sentiment-based rally may intensify the recovery to cross the $42,000 to challenge the $45,000 mark.&nbsp;</span></p> 
<ul> 
 <li aria-level="1"><b>Moving Average Convergence Divergence (MACD): </b><span style="font-weight: 400;">The <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and the signal line in a bullish crossover state indicate that the asset is in a bullish trend.</span></li> 
 <li aria-level="1"><b>Average Directional Index (ADI): </b><span style="font-weight: 400;">The ADX, with a current reading of 24%, suggests the buyers hold enough momentum to prolong the recovery trend.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/bitcoin-price-prediction-38k-sparks-new-correction-fear/">Bitcoin Price Prediction As Stalled Growth at $38K Sparks New Correction Fear</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Price Prediction As Stalled Growth at $38K Sparks New Correction Fear

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