Pepe Coin

Bitcoin

Conflux

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/E3K0ENNY-e1706553210762.png" alt="Bitcoin Price" style="float:right; margin:0 0 10px 10px;">
Bitcoin, the leading cryptocurrency, entered the new week with a solid bullish outlook with an intraday of 2.6% and currently trading at $43158. This uptick has surpassed last week’s high, the period which creates wide market concern of a potential downfall. A look at the daily time frame shows the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> reversal has also developed into a bullish reversal pattern, suggesting the correction phase is over and the market might trigger another push.
<h2 id="b-bullish-reversal-pattern-set-btc-for-a-quick-10-jump-b">Bullish Reversal Pattern Set BTC For a Quick 10% Jump</h2>
<ul>
 <li style="font-weight: 400;">The Bitcoin price sustainability above 38.2% Fibonacci retracement level reflects the larger trend remains positive</li>
 <li style="font-weight: 400;">A bullish breakout from the inverted head and shoulder pattern brings a long opportunity for pullback traders</li>
 <li style="font-weight: 400;">The intraday trading volume in Bitcoin is $19.6 Billion, indicating a 25% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone">
 <img src="https://s3.tradingview.com/snapshots/e/E3K0ENNY.png" alt="Bitcoin Price" width="1946" height="937">
 <figcaption>
 Bitcoin Price| TradingView Chart
 </figcaption>
</figure>
With the slowdown in the <a href="https://coingape.com/bitcoin-witness-478-mln-outflows-as-grayscale-outflow-abates/" rel="noopener noreferrer nofollow">Grayscale</a> Bitcoin trust outflow, Bitcoin resurfaces above the critical $40K mark and hints at a bullish trend ahead. Starting the week on a positive note, the BTC price records a weekly growth of 11% and trades at $43030.&nbsp;
Amid this recovery, the coin price displays a quick turnaround in the market sentiments with the support of price action in a shorter time frame. With an inverted head and shoulders pattern breakout in the 4H chart, the breakout rally projects a bigger leap.&nbsp;&nbsp;
<blockquote>
 Further, with the rising inflow in alternative Spot ETFs like BlackRock’s or Fidelity’s, the Bitcoin price eyes a strong bullish note to start February.&nbsp;
</blockquote>
For additional confirmation, the sideline traders can wait for the neckline breakout rally to cross the 50% retracement level of the correction trend at $43560. This breakout of the overhead supply ceiling will increase the likelihood of a bull run.&nbsp;
<h2 id="b-can-bitcoin-price-regain-49000-b">Can Bitcoin Price Regain $49000?</h2>
With the bullish breakout of the inverted head and shoulder, buyers are anticipating a strong trend in <a href="https://coingape.com/bitcoin-hashrate-in-recovery-mode-as-price-holds-key-support/" rel="noopener noreferrer nofollow">Bitcoin</a>. The Post-breakout rally could target the $47000 mark at a 10% surge, followed by a rechallenge to a $49000 swing high.
<ul>
 <li style="font-weight: 400;">Exponential Moving Average(4 hour): The recent jump above the crucial EMAs(20, 50, 100, and 200) offers additional support for buyers to sustain currency recovery</li>
 <li style="font-weight: 400;">Moving Average Directional Index(daily): A bullish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> and signal line reflects the short-term sentiment has turned bullish.</li>
</ul>
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The post <a href="https://coingape.com/markets/bitcoin-price-to-48000-as-pattern-end-correction/" rel="noopener noreferrer nofollow">Bitcoin Price to Retest $48000 As Bullish Pattern Hints End of Correction</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price to Retest $48000 As Bullish Pattern Hints End of Correction

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