TL;DR Breakdown
- Bitcoin price predictions expect a rise to $49000.
- Strong resistance is currently found at the $46500 mark.
- Strong support is currently found at the $45000 mark.
- Tesla Bitcoin buy-in believed to be driving price.
The king of cryptocurrency just swept past the $40000 barrier and onto new horizons hitting the new all-time-high at the $47320 mark right before midnight on 8th of February. Bitcoin sees a retrace since the rise, and at the time of writing, BTC price stands at the $46038 mark. Bitcoin price predictions are coming in very optimistic, given the current tide.
Bitcoin price took a flash rise from below $39000 mark to the $42000 range right after the Tesla Bitcoin buy-in news struck the market and continued to climb towards $450000. In the next third quarter of the day, Bitcoin price rose as high as $43000 on the 8th of February. The same point is currently serving as strong support at the time of writing.
While the market sentiment is greedy, technical indicators are not as strong as the sentiment. While almost all moving averages except one (14 out of 15) are giving off a strong buy signal, the oscillator indicators are mostly (five out of 11) standing at the neutral indication with two buy and four sell indications.
Bitcoin price prediction: What to expect?
Trading view analyst, Trading Shot explain in their Bitcoin price prediction that the king of cryptocurrency is still on the route to the $70000 high. The king has long been predicted to hit the $100,000 mark by the year 2023.
Trading Shot explains that the current rise brought the Bitcoin price into the technical dynamics of the Logarithmic moving average convergence divergence (LMACD) Bullish Cross. Shot further, this is a far stronger long-term indicator that buyers have accumulated during the previous pull-back since March. Shot believes that such an aggressive Bullish Cross on the 1D time-frame has caused a minimum of +30 percent, a maximum of +98 percent rise in the past. The calculations are drawn from the closing of the 1D candle at the LMACD Bullish Cross time.
On the other hand, famed analyst Wyckoff Mode is also of the view that the king of cryptocurrency is still bound to hit the $49000 high at the least but with a catch. Wyckoff is not as confident of the new high as Trading Shot and bases his Bitcoin price prediction analysis on the required price movement. Wyckoff believes that the current movement can take the take price as high as $49,183, should the upward pressure persist.
Tesla Bitcoin buy in driving the price
Elon Musk’s Tesla became another big shot name to invest in Bitcoin with over $1.5 billion worth of BTC buy-in pushing the price to flash rise by over $3000. Since the rise, Bitcoin has maintained the price and even managed to jump to the new all-time high. The current market trend is extremely bullish and should it persist, the price is likely to go past the $50000 mark. In case the market trend slows down, Bitcoin price is likely to retrace back to the $43000 strong support levels.
On the other hand, environmentalists are coming in hard on Bitcoin with the rationale that the mining hardware is producing immense amount of energy causing the global warming numbers to rise drastically. In case of strong legislations against the king, the price could probably plummet to drastic lows.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
