- Bullish outlook in Bitcoin price prediction builds the case for $50k
- Institutional investors MicroStrategy and Citigroup press for a bull run
- BTC/USD stays above $48,000 on the back of strong technical indicators
Bitcoin price is stabilizing after a minor correction to trade well within the Bollinger Bands range. The pair is steady but slow uptrend since March 1 after falling to $44,000 level on the weekend. The bullish momentum is also seen in the broader crypto market, where the altcoins are also performing relatively well. The price has bounced back from its swing lows and ready to close above the $48,000 support level.
Technical indicators also make a comeback to the bullish zone helping the traders seek long positions on the hourly charts. The bulls attempt to line up more buy orders to push the price above the $50,000 level in an aggressive fashion.
The U.S. treasury yields have also toned down in the past two days helping traditional markets stabilize after an abrupt downfall. In the last two days, the global financial markets have recovered from the previous week’s correction that happened to increase treasury yields. Besides Bitcoin price prediction, The cryptocurrency market is also moving in sync with the conventional trading markets in the current scenario.
Bitcoin price movement in the last 24 hours: Steady uptrend emerging on hourly charts
Strong institutional support is helping BTC/USD stabilize above the $48,000 level. Institutional inflow has increased since the price corrected to $44,000. Also, BTC whales are entering the market at lower price levels and accumulating the pair. The continuous buying activity from across the spectrum helps BTC/USD mark fresh new highs on the hourly charts.
MicroStrategy has bought BTC worth $15 million, giving a hugely positive signal to the market. The firm has now demonstrated its continuous ability to purchase dips and give more impetus to the bulls. Bitcoin price prediction now includes this institutional action contributing to the price action. The current surge towards $49,000 is also hinting at the near-term bullish course of action, predicting a move towards $53,890.
BTC/USD 4-hour chart: Higher lows and more green candles
The hourly chart of BTC/USD gives a clear indication of the Bitcoin price prediction direction. Barring another pullback towards $44,500, the pair will consolidate near $47k. Bitcoin hourly charts show strong support near the $48,000 pivot level. The hourly charts also reveal a consistent green candle pattern with higher lows signifying more buying at lower levels in last week’s correction.
The 4-hour chart shows that the RSI reading is at 51 level. The MACD is also nearing a crossover but has not yet materialized fully. The rise from 50 percent Fibonacci retracement at $44,000 remains at $51,000, and bulls can certainly target this level in the short term. The 15-day and 25-day simple moving average have made a crossover to the bullish side.
For now, Bitcoin price prediction will be weighed by the ‘buy the dips’ strategy as the bulls continue to pile up buy orders. Any slight pullback will result in a large-scale purchase. With BTC whales stepping in on the action, the price will find support at $47,000 and then at $44,500.
Bitcoin price prediction conclusion: BTC/USD all set to move past $50k milestone
Tax season is approaching in the United States, and this period is known to put bearish pressures on the markets. Both investors and traders move towards tax compliance, and trading activity is muted. Capital gains tax related to cryptocurrency is also making headlines and making an impact on the Bitcoin price prediction.
Perhaps the February correction was an upcoming sign of weakness in March. Despite the last week’s correction, bulls are readying to target $51,000 again this week. Miners may pose some risk to the price they being perpetual sellers. The market is expected to continue the sideways and higher price movement.
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