Bitcoin price stagnates near $52,000 resistance, sparking trader uncertainty amid a sideways consolidation phase.
If $52,000 resistance remains unbroken, a downside correction looms, particularly with a breach of the $50,500 support zone.
Examining the daily chart shows the $BTC price enduring a bullish trend, marked by an ascending channel pattern.
In this consolidation phase, daily candles show long wicks and short bodies, reflecting market uncertainty impacting altcoins as well.
Current minor volatility indicates equilibrium between buyers and sellers until one group gains control.
Breaking below $50,500 support may prompt a lengthy consolidation, possibly retracing towards critical $48,000 support, aligned with 50% Fibonacci.
Conversely, if buyers dominate, an abrupt surge could target the critical resistance zone at $58,000.
As per Coin Gabbar analysis, #Bitcoin Price Prediction 2030 is $200,000, while Bitcoin Price Prediction 2040 is around $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $52,000-$52,900
SUPPORT LEVEL : $50,500-$49,800
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#TrendingTopic #BTC #dyor #crypto2024 #Bitcoin $BTC @Coingabbar Analysis @CZ @Binance Square Official