Friday, December 2, 2022

The Bulls Are Back: Bitcoin Price Gearing Up for Renewed Rally

The Bulls Are Back: Bitcoin Price Gearing Up for Renewed Rally

Bitcoin prices have held steady in the face of hard bearish pressure. This technical support serves to reinforce previous projections of a large rally to $50,000 USD.

Also read: Our Bitcoin Predictions for 2018 — Don’t Expect More of the Same

Bitcoin Price Technical Analysis

Long-Term Analysis

bitcoin price technical analysis

After backing down to Fibonacci rebound-level prices, bullish consensus should take over again, starting a rally to double current prices towards $40,000. In fact, the bitcoin price could go slightly higher than that according to Round Numbers Theory.

Fundamentals serve to reinforce any bullish activity, following the same pattern that doubled prices four times throughout 2017.

Mid-Term Analysis

bitcoin price technical analysis

Mathematical indicators have dropped a lot, while prices went sideways without change trend. A very famous reversal formation called Head and Shoulders is in progress on the charts, and if it breaks, Fibonacci supports could activate an objective near $3,000 — and even zero.

On the other hand, oscillators can´t go any lower. This increases the chance for a wide upward movement over $20,000, taking this market to a massive stage.

Short-Term Analysis

bitcoin price technical analysis

A lateral movement has sustained the bitcoin price enough to reach the Gann´s trigger angle and restart the rise to $22,000 as a first technical objective, where a congestion would be expected before going to higher levels.

A basic triangle is overlapped with all theories, and if values continue on the current sideways market, the signal would be bullish – suggesting higher technical objectives in early 2018.

What do you think will happen to the bitcoin price in 2018? Share your predictions in the comments below.

Image via Pixabay

This technical analysis is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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