The king of cryptocurrencies is continuing its upward trajectory. The cryptocurrency market is still bullish and the expected corrections have not set it yet. The daily low for the king was $33,800 while the 24-hour high was around $37,830. At the time of writing, the king stands at $38,572. The $40,000 mark seems like a plausible target, given the bullish pressures on the king of cryptocurrencies.
The king of cryptocurrencies is currently overbought and the market is strongly bullish. Out of the twenty-eight technical indicators, twenty buy, 5 are neutral, and just 3 sell signals. The buy and neutral signals of the oscillators are four each with only 3 sell signals. Sixteen of the seventeen moving averages are indicating buy.
Analyst Vince Prince has identified Bitcoin to have formed an ascending channel formation in his Bitcoin price prediction. Furthermore, the cryptocurrency appears to be following a volatile ABC wave count inside the channel. The analyst has also pointed out the formation of a triangular cluster – marked in orange. Per the analyst, Bitcoin will likely break out of the ascending channel formation as it approaches the triangular cluster.
The triangular cluster will amplify the bullish pressure on the coin, and Bitcoin will be successful in breaking out of the channel, the analyst stated. Once Bitcoin breaks out of the ascending channel formation, bullish pressures can be expected to increase further, and upper target potentials will be unlocked. Per the analyst, the upper target for Bitcoin will be the $43,000 mark, which is also another triangular cluster formation. Vince Prince also expects a pullback from the $43,000 level towards the downside.
Analyst Peter L Brandt in his Bitcoin price prediction has been hoping to continue the current bullish momentum of the coin for the foreseeable future. Keeping in mind the previous price action, the analyst has identified the price action of Bitcoin to have been forming parabolic structures since its launch in 2012. If the previous parabolic structures are guiding the current price action, then the current parabola can be expected to be validated. Per the analyst, Bitcoin is currently in the middle of the parabola, which means a few minor pullbacks, but Bitcoin’s price can be expected to continue to rise in the long-term. The analyst has ended the current parabola at an extremely optimistic level of $400,000.
Analyst Schueco has identified a rising wedge formation in their Bitcoin price prediction. As per the analyst, the bearish chart pattern indicates corrections. The analyst is expecting a correction of the coin to around $31,000. However, Bitcoin can also form a giant double bottom figure, according to the analyst. If the figure is validated, then in the short-term, Bitcoin’s price can be expected to rise to the $43,000 level, but after that, strong corrections will take place, and the price can drop to as low as $32,000. After the market is cooled down, Bitcoin can be expected to start gaining traction again. The analyst suggests that corrections will soon take place.
This post was last modified on January 8, 2021 3:24 am
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