#2024WithBinance
Bitcoin price prediction as the coin takes a breather from the post-ETF sell-off below $39,000 but to affirm the uptrend, BTC must make several consecutive closes above $40,000.
Bitcoin price prediction: BTC is fighting to secure its position above $40,000 backed by a modest recovery from the recent dive below $39,000. BTC led the entire crypto market on a rabbit hunt following the approval of spot Bitcoin ETFs in the US on January 10. While a brief rally propelled the largest crypto to $49,000 an unexpected sell-off left most investors bleeding profusely.
If BTC price established support above $40,000 before the end of the US session, this week could end on a positive note with gains closing the gap to $50,000.
However, it would be advisable not to jump the gun and go all-in on Bitcoin until bulls and bears resolve the ongoing tug-of-war.
Bitcoin Price Prediction: Is BTC Ready Close In On $50,000?
Bitcoin has been accepted back into the range with support at $40,000 and resistance at $42,000. Consolidation is expected within these limits in the coming days while traders bet on a continuing rise toward $50,000.
The Relative Strength Index (RSI) although neutral at 39, reveals that the uptrend will not be straightforward, at least for now. Traders should be careful to avoid sudden corrections likely to culminate in bull traps.
Remember, Bitcoin holds below two critical moving averages; the 20-day Exponential Moving Average (EMA) (in blue) and the 50-day EMA (in red). With this negative outlook in play, it could take time before the uptrend to $50,000 is confirmed.
Bitcoin price predictions chart | Tradingview
Based on the Money Flow Index (MFI), an indicator used to track the flow of money into and out of Bitcoin, buyers have the upper hand. However, for more commendable results, the index must keep moving higher above 30.
Bitcoin halving occurs every four years and this time it is expected to fall in April. The event slashes miner rewards by half, significantly reducing the supply of new coins entering the market.
As supply dwindles,
