Analysts are making predictions about the Bitcoin price based on the upward trend observed over the last three days, with BTC reaching a new 18-month high.
The Bitcoin price is showing a notable pattern that might boost investor confidence in the upcoming days. Currently, the BTC price has retraced back to the level it held in April 2022, just a few weeks before the FTX collapse impacted the cryptocurrency market.
Bitcoin Price Projection: Anticipated Surge to $46,500
According to the insights shared by Titan of Crypto on X account, there’s a projection for Bitcoin’s price to reach $46,500, based on the observed price activity in the last 72 hours. Analyzing the lower timeframe of 15 minutes, the top cryptocurrency appears to be following a consistent pattern of price rise followed by correction over the past three days. The analyst suggests that if this pattern repeats, the BTC price is expected to touch $46,500.
#Bitcoin $46,500 next? 📈🚀
In the lower timeframe (15min) #BTC seems to be replicating the same exact pattern for 3 consecutive days. 👇
1⃣ Run up.
2⃣Consolidation faking a potential H&S pattern.
3⃣The Kumo cloud supports the price while Stochastic RSI crosses bullish.
4⃣More… pic.twitter.com/tn00qNHwCI— Titan of Crypto (@Washigorira) December 6, 2023
Simultaneously, on-chain data reveals that Bitcoin wallets holding over 100 BTC have become active in the past four weeks, aligning with the rally above $40,000. Additionally, a Bitcoin Maximalist expresses expectations for a ‘God candle,’ anticipating BTC to surge by $100,000 from its current level.
Bitcoin’s Long-Term Outlook: ETF Approval and Halving Anticipation
In the broader perspective, the leading cryptocurrency could experience significant growth, especially with the potential approval of the spot Bitcoin ETF and the upcoming Bitcoin Halving event. There is speculation about whether the price will surpass $50,000 before the ETF approval, positioning itself for the next phase of the bull run.
Analysts are eyeing the window between January 6 to 8, 2023, as potential dates for the ETF approval announcement. However, there is also the possibility of the U.S. Securities and Exchange Commission (SEC) causing delays for a few weeks, citing technical reasons.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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