The Bitcoin price has entered a sideways trend after being rejected several times at the resistance. The price stabilizes at around $43,000. Did the bullrun really end for now and could Bitcoin price drop below 40K again? In order to be able to answer those questions, we need to assess the overall cryptocurrency market, and then analyze Bitcoin technically. That’s exactly what we’re going to do in this article!
Bitcoin Price rejected several times at Resistance
After breaking through the resistance at $39,000, the Bitcoin price continued to rise sharply and climbed above $40,000. After the price surpassed 41,000, it continued to rally towards $45,000. The price tested this “area” several times and tried to break through this resistance.
However, bitcoin failed to break through this resistance multiple times and fell back towards $42,000. The Bitcoin price has been moving sideways since then and was unable to reach the resistance, yet.
Bitcoin Price stabilizes around $43,000
There was great hope that the Bitcoin price would approach the resistance already, and possibly breakthrough towards the direction of $50,000. However, after dropping to $42,000, bitcoin failed to continue higher and closer to the resistance. This comes as bad news, especially after the Super Bowl, where many cryptocurrency exchanges marketed their crypto services on national TV to millions of viewers.
Bitcoin Price Prediction – Will Bitcoin reach 50K?
Looking at the short term, it is not likely that Bitcoin will manage to reach 50K anytime soon. However, prices are expected to break the strong resistance of 44K higher, and then turn it into a support. This price action would be perfect to set the longer-term goal of reaching the $50,000 price mark.
On the other hand, looking at figure 2, if BTC prices fall below the 38.2% Fibonacci retracement represented by a price of around $41,600, we can expect Bitcoin to sink lower, specifically towards $39,000.
If you want to buy Bitcoin today, here’s what you should consider:
- Buy price: $42,700
- Stop-loss: $41,000 (2.81%)
- Take-profit: $44,600 (5.85%)
- Risk/Reward ratio: 2.08
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* This article was originally published here