Bitcoin (BTC) Rally Lead to a new year high could $50,000 be next ?
The live Bitcoin price today is $43821.98 USD with a 24-hour trading volume of $24527686022.31 USD
The New Yearly Price of Bitcoin (BTC) reached high of $44,490 on December 5.
The price of Bitcoin has climbed quickly since the middle of October, as seen by the weekly time frame chart, which has produced multiple bullish weekly candlesticks.
The price of Bitcoin hit a new yearly high of $44,490 this week. Within a crucial horizontal and Fib resistance area, the high was achieved.
When deciding whether to buy or sell an asset, market traders frequently use the RSI as a momentum indicator to spot overbought or oversold situations.
Bulls still have the upper hand, according to readings above 50 and an upward trend; readings below 50 imply the opposite.
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Positive indicators include the weekly RSI's increase and its presence above 50. The last time the current reading of 80 was observed was in November 2020 (green), which was before the rise to the current all-time high for Bitcoin.
The price of Bitcoin appears to be approaching the peak of wave three of a five-wave upward trend, according to the most likely Elliott wave count (white). Wave three has elongated, and the black sub-wave is visible.
Wave three's peak is most likely to peak at $47,600, or 10% above the current price. Our target length for sub-wave five is obtained by combining sub-waves one and three.
The fourth corrective wave could then start in the price of BTC.
Even with this optimistic estimate for the price of BTC, a close below $43,000 may indicate that the correction has already started. The price of Bitcoin might therefore drop by 12% and reach the $38,000 support level.
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