Bitcoin (BTC) has started riding the recent bull market wave and rising with fresh gains after weeks of sluggish momentum, with crypto analysts predicting more potential gains for the leading cryptocurrency asset in the coming days.
Bitcoin To See A Correction After Surging To $45,000
A cryptocurrency expert from Cheeky Crypto has made a daring forecast for Bitcoin. The analyst revealed his recent projections during one of Cheeky Crypto’s latest episodes on YouTube.
His predictions came in light of the price of Bitcoin closing Wednesday on a positive note, leading the altcoin market as a whole with it. As the new trading day began, BTC’s price broke above the consolidation, signaling that bulls have returned to the fore.
Cheeky Crypto analyst’s latest analysis delves into the present trading range for Bitcoin. In the analysis, the expert talked about a potential surge to the upside that will take BTC to $45,000.
He defined the current stage as a continuation pattern and forecasted that after the range is done, there will be an upward breakout. The analyst mentioned that volume profiles have been declining throughout the market’s range, which gave him the belief that the price will increase to $45,000.
However, he believes a notable correction will occur after BTC reaches the aforementioned price level. Meanwhile, given the positioning on the Stochastic Relative Strength Index (RSI), he anticipates a further decline to $30,000.
He underscored that there is resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA) for BTC’s present trading range. If the 50 EMA is breached, Bitcoin may test the 50 EMA once again, and the 200 EMA would provide extra support.
Furthermore, the analyst looked at a series of indications throughout the hourly, daily, and weekly time periods. He noted key levels of support, resistance, and indicators to inspect for prospective market changes and momentum, like the RSI and the stochastic RSI.
BTC’s Price Surges Above $44,000, Eyes $45,000
Amid the recent bullish rally encompassing the crypto market, Bitcoin’s price has risen over $44,000. This marks the first time this month that the crypto asset has reached this level, suggesting market recovery.
The recent surge has sent quite a positive sentiment in the entire crypto space. It is believed that the rise might be due to the anticipation around the Ethereum Spot ETFs and BTC ETF options. Although, in comparison to last month, trend levels are still low, indicating that one should stay vigilant.
As of the time of writing, the price of Bitcoin has increased by over 4% in the past 24 hours, trading at $44,704. In addition, its market cap and trading volume have increased by over 4% and 47% in the past day.
Featured image from iStock, chart from Tradingview.com
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