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Bitcoin Price Prediction: Following a notable upsurge in January End, the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> was relatively stable through this week. The daily candles with short bodies and longer ones reflect uncertainty and initiation from bulls and bears. However, a look at a lower time frame projects this consolidation as the formation of a bullish pennant pattern. Here’s how this pattern may influence the near future growth of BTC.
<ul>
 <li style="font-weight: 400;" aria-level="1">The pennant Pattern breakout will release the Bitcoin price from the current uncertainty.</li>
 <li style="font-weight: 400;" aria-level="1">The coin price above the 20-and-50-day EMAs provides additional support to market buyers</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin is $13.9 Billion, indicating an 11.% gain.</li>
</ul>
<h2 id="b-analyst-projects-31k-as-firm-floor-based-on-200wma-b">Analyst Projects $31K as Firm Floor Based on 200WMA&nbsp;</h2>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Bitcoin 200 week moving average is 31k. When bitcoin price diverges from 200WMA, in accumulation (blue) and bull markets (orange/red), bitcoin has never gone below 200WMA. So 31k might be the absolute floor, and bitcoin might never see 31k ever again IMO. Also 200WMA is rising… <a href="https://t.co/3kqSbXWLjU" rel="noopener noreferrer nofollow">pic.twitter.com/3kqSbXWLjU</a>
 — PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1753892112146260078?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
According to insights from the renowned analyst @planB, Bitcoin’s 200-week moving average (WMA) currently stands at $31,000, serving as a critical benchmark for the cryptocurrency’s price movements. Historically, during accumulation phases (marked in blue) and bull markets (indicated by orange/red), Bitcoin’s price has never fallen below its 200 WMA, suggesting that $31,000 could represent a solid floor price for Bitcoin.&nbsp;
This observation leads to the speculation that <a href="https://coingape.com/issues-with-bitcoin-mining-beyond-excessive-power-usage-analysis/" rel="noopener noreferrer nofollow">Bitcoin</a> may not drop to or below $31,000 again. Furthermore, the analyst notes that the 200WMA is on an upward trajectory, reinforcing the idea that Bitcoin’s value could be poised for sustained growth.
<h2 id="b-should-you-enter-now-b">Should You Enter Now?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/j/JeMk9SLg.png" alt="Bitcoin Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Bitcoin Price Prediction| TradingView Chart
 </figcaption>
</figure>
After the initial sell-off post-<a href="https://coingape.com/meta-to-join-google-to-allow-bitcoin-etf-ads-on-facebook-and-instagram/" rel="noopener noreferrer nofollow">ETF</a> decision subsided, Bitcoin found its footing again, rebounding strongly from $38,500. This recovery propelled the digital currency upward by nearly 14%, reaching a high of $43,900. Yet, the emergence of overhead supply pressure has since directed the price into a sideways movement, heralding a phase of consolidation after the rally.&nbsp;
This phase is encapsulated within a pennant pattern on the daily chart, characterized by converging trendlines. At the moment, <a href="https://coingape.com/bitcoin-btc-price-samson-mow-smashes-crucial-bearish-myth/" rel="noopener noreferrer nofollow">BTC</a> is priced at $42,957, showing a modest daily decrease of 0.2%. A breakout from the pennant pattern’s resistance could signify the continuation of the recovery rally, creating opportunities for new market entries.&nbsp;
Should this breakout materialize, the trajectory for Bitcoin’s price could see it breaking above the $45,000 threshold, aiming for a target of $48,000 thereafter.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The coin price trading above the crucial <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a>(20, 50, 100, and 200) the short-term trend turns bullish.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: A daily RSI of above 60% could reflect the recovery trend in action.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/bitcoin-mining-comes-under-biden-governments-radar-ahead-of-key-elections/" rel="noopener noreferrer nofollow">Bitcoin Mining Comes Under Biden Governments’ Radar Ahead of Key Elections</a></li>
 <li><a href="https://coingape.com/7-reasons-why-bitcoin-price-can-hit-100000-in-2025/" rel="noopener noreferrer nofollow">7 Reasons Why Bitcoin Price Can Hit $100,000 In 2025</a></li>
 <li><a href="https://coingape.com/crypto-headlines-of-the-week-bitcoin-fomc-meeting-jupiter-exchange-ignites-speculations/?utm_source=sidebartabnews" rel="noopener noreferrer nofollow">Crypto Headlines Of The Week: Bitcoin, FOMC Meeting, &amp; Jupiter Exchange Ignites Speculations</a></li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-prediction-pattern-hints-12/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction as Emerging Pattern Hints 12% Surge Ahead</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Prediction as Emerging Pattern Hints 12% Surge Ahead

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