The Bitcoin Price Rally Continues: $45,000 On the Horizon
Every week, the bitcoin price continues upping the ante. Now in the midst of a rally to $28,000, it looks like $45,000 or higher is now entering the market’s cross-hairs.
Bitcoin Price Technical Analysis
The bitcoin price has pushed through the flag-pattern congestion around $16,000 to start a new rally, the first technical objective of which has emerged near $26,000. At that point, round numbers theory could move the mark a little higher to match $30,000 because of psychological factors, inertia and volatility.
Any word about Bitcoin mentioned in mainstream media – even negative – should boost prices further, due to increased exposure to an already interested audience. With these technical objectives and triggering factors in mind, eventual support levels will surface at $12,000, $15,000, $17,000, $20,000 and $22,000.
Successive flag patterns could appear in the chart since new market participants are currently absorbing profit taking.
The objective of the pole on the ongoing flag pattern currently sits at $28,000. If the bitcoin price reaches this peak, Fibonacci supports should emerge at $24,200, $23,000 and $21,800.
The high levels of volatility, along with a global bullish consensus, could sustain a flag formation lateral market between $28,000 and $30,000. If this formation confirms, another flag pattern will emerge with an objective at $45,000.
Japanese Candlestick Analysis shows a hammer signal that started last week’s rally – projected by Gann Angles Theory. Paying attention to the current Gann Angles´ criteria, the prices would sustain last week’s bullish angle and allow the bitcoin price to continue rising.
A continued rally could accelerate the rise to $22,000 as stepping-stone to $28,000. At that level, we can expect congestion to lower the mathematical indicators before another big rally to higher levels.
What do you think will happen to the bitcoin price? Share your predictions in the comments below.
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This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.