Bitcoin

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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/ftXVUtJ8-e1702829164521.png" class="attachment-full size-full wp-post-image" alt="BTC price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Bitcoin Price Prediction: After <a href="https://coingape.com/major-factors-confirming-ath-for-bitcoin-price-and-crypto-market/">witnessing steady growth</a> for the last 8 weeks, the Bitcoin price rally hit a significant roadblock of around $44,700. This pause in the upward trajectory has cast a shadow of uncertainty over many major altcoins. However, this period of post-rally consolidation could be beneficial, allowing buyers to regain strength and momentum for the next upward movement. 
Also Read: <a href="https://coingape.com/bitcoin-price-drops-as-whales-shift-7200-btc-to-coinbase-whats-next/">Bitcoin Whales Moves 7200 BTC To Coinbase, Here’s What Popular Analyst Predicted</a> 
<h2 id="b-is-bitcoin-price-heading-to-50000-b">Is Bitcoin Price Heading to $50000?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The BTC price witnessed high supply pressure at $44700</li> 
 <li style="font-weight: 400;" aria-level="1">A breakout beyond the triangle pattern would trigger a directional trend</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin is $15.3 Billion, indicating a 2.1% loss.</li> 
</ul> 
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 Bitcoin Price Prediction| TradingView Chart
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Recently, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> has been caught in a lateral movement, struggling to break through the $44,700 barrier. This phase of consolidation, while indicative of market hesitation, reveals a symmetrical triangle pattern on the four-hour chart.&nbsp; 
At present, the BTC price is trading at $41,523, with an intraday loss of 1.65%, teasing a potential breakdown below the triangle’s lower trendline.&nbsp; 
<blockquote>
 Should the price close below this level on the four-hour chart, we could see intensified selling pressure, potentially driving the price down to $40,000, and possibly even to $38,000, equating to an 8% loss.&nbsp;
</blockquote> 
Conversely, symmetrical triangles are typically considered bullish continuation patterns. Thus, an upward breakout would signal a resurgence of buyer activity, potentially leading to a retest of the $44,700 high and targeting higher levels at $44,150 and then $52,000. 
<h2 id="b-is-btc-price-ready-for-a-bull-run-b">Is BTC Price Ready For a Bull Run?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/o/OfXxV1Au.png" alt="Bitcoin Price Prediction" width="1946" height="1105">
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 Bitcoin Price Prediction| TradingView Chart
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 &nbsp;Reflecting on the previous downtrend from November 2021 to December 2022, the current recovery phase appears to be approaching a critical 50% Fibonacci retracement level. While Bitcoin has yet to demonstrate sustained trading above this level, achieving it would signify a diminishing bearish control and reduce the likelihood of a continued downtrend. 
<ul> 
 <li aria-level="1">Bollinger Band: The midline of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> has been providing dynamic support to participants for the past two months.&nbsp;</li> 
 <li aria-level="1">Vortex Indicator: The VI+(blue and VI-(pink) slope nearing a bearish crossover would accelerate the selling pressure in the market.</li> 
</ul> 
The post <a href="https://coingape.com/markets/bitcoin-price-prediction-as-btc-edge-towards-next-breakout/">Bitcoin Price Prediction As $BTC Edge Towards Next Breakout; Is $50K Next Target?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price Prediction As $BTC Edge Towards Next Breakout; Is $50K Next Target?

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