After the initial euphoria of the much talked Bitcoin ETF, BTC price has not reacted in a very bullish way. This has left investors confused about the next move of the crypto as the etf was supposed to be catalyst for 50k mark.
But, we see a breakout in the charts of bitcoin. In this article, we will talk about the bitcoin price prediction, weekly analysis along with the news roundup.
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Bitcoin Price Prediction
The current price of bitcoin is still below its all-time high of $69,000, which it reached on November 10, 2023.
Let’s have a look at the chart for current price analysis:
Breakout is coming soon.
One of the factors that may have contributed to the recent price recovery is the launch of several spot bitcoin exchange-traded funds (ETFs) in the U.S. and Canada, which have attracted significant institutional and retail demand.
Weekly Price Analysis
The weekly chart of bitcoin shows that the cryptocurrency has been trading in a range between $40,000 and $45,000 for the past two weeks, forming a symmetrical triangle pattern. This pattern indicates a period of consolidation before a potential breakout in either direction.
The support level is around $40,000, which coincides with the 50-day moving average (MA) and the lower trendline of the triangle. The resistance level is around $45,000, which coincides with the 200-day MA and the upper trendline of the triangle.
The relative strength index (RSI) is hovering around the 50 level, indicating a neutral market condition.
If the price of bitcoin breaks above the resistance level with a strong volume and a high RSI, it could signal the start of a new uptrend, with the next target at $50,000. Conversely, if the price of bitcoin breaks below the support level with a strong volume and a low RSI, it could signal the start of a new downtrend, with the next target at $35,000.
News Roundup
Here are some of the latest news headlines related to bitcoin:
- ETFs escalate ‘substitution’ that can push bitcoin price to $600,000, per analyst: Cathie Wood said new spot bitcoin ETFs will hasten transitions from gold to bitcoin, possibly driving the latter to a $13 trillion cap.
- Apple Vision Pro Launches with Blockchain-Based Metaverse Game – Next Big Thing?: Apple’s highly anticipated headset Vision Pro has an upcoming metaverse app from a blockchain-related company.
- Comedy Icon Larry David Says He Was an ‘Idiot’ For Taking Part in FTX Super Bowl Ad: Larry David regretted mocking bitcoin in an FTX Super Bowl ad, saying that he was an “idiot” for not investing in the cryptocurrency.
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