After the EFT approval news, the market stopped expectations and the news ate sales. It is trading at $43,060.97 with the date of writing #BİTCOİN approaching the $50,000 level. $BTC is down -37.4% from its current ATH level of $68,789. This year, ETF expectations for Bitcoin have increased to $40,000, and there may be a serious price increase in anticipation of the halving that will take place in April. Here is the latest Bitcoin #BTC🔥🔥 price prediction.
Bitcoin (BTC) Price Forecast: Rise May Begin Soon!
Following the rally in late January, the Bitcoin price has been stable throughout this week. Daily candles with short bodies and long bodies reflect uncertainty and initiation from bulls and bears. However, looking at a lower time frame, this consolidation appears to be the formation of a bullish pennant formation. We have explained below how this model could affect BTC's growth in the near future.
A break of the Pennant Pattern will rescue the Bitcoin price from the current uncertainty.
Cryptocurrency price above the 20 and 50-day EMAs provide additional support to market buyers
Bitcoin's intraday trading volume is $13.9 Billion, indicating an increase of 11.1%.
According to insights from renowned analyst @planB, Bitcoin's 200-week moving average (WMA) currently sits at $31,000 and serves as a critical benchmark for the cryptocurrency's price movements. Historically, during accumulation phases (marked in blue) and bull markets (shown in orange/red), Bitcoin's price has never fallen below the 200 WMA; This suggests that $31,000 could represent a solid floor price for Bitcoin.
This observation leads to speculation that Bitcoin may not fall back to $31,000 or below. Additionally, the analyst notes that the 200WMA is on an upward path, reinforcing the idea that Bitcoin's value may be poised for sustainable growth.
Breaking the resistance of the pennant pattern may mean that the recovery rally will continue, which may create opportunities for new market entries.
If this breakout occurs, the Bitcoin price trajectory could rise above the $45,000 threshold, after which a target of $48,000 could be targeted.
Technical Analysis Data
According to our technical indicators, current sentiment is Neutral while the Fear and Greed Index is showing 60 (Greed).
Bitcoin recorded 13/30 (43%) green days with 4.11% price fluctuation in the last 30 days
According to February 2024 08:46 data, the overall Bitcoin price forecast sentiment is neutral. 21 technical analysis indicators indicate bullish signals and 10 indicate bearish signals.
The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). Currently, the RSI value is at 50.68, which indicates that the BTC market is neutral.
Based on the $42,649 pivot point (P1), Bitcoin has support levels at $42,189, $41,769, and the strongest at $41,309. Similarly, Bitcoin resistance levels are located at $43,069, $43,529 and $43,949.
