Can the BTC Price Reach Its Next Target of $47K?

Crypto News – Before marginally declining, the price of Bitcoin increased by about 13%, reaching a high of $35,157. BTC has increased 7.96% in the previous day to reach $33.716 as of the time of writing, maintaining its gains.

Can the BTC Price Reach Its Next Target of $47K?

The sixth day in a row that Bitcoin has experienced positive price movement has resulted in weekly gains of 20%, and if today closes in the green, that trend will continue. Bitcoin easily crossed the $30,000 price threshold, according to on-chain analytics company IntoTheBlock. At a level not seen since the bull market apex in 2021, 80% of holders are currently in profit, according to the on-chain image as of right now.

Additionally, as is customary during bullish conditions, the 30-day quantity of BTC owned by short-term holders has increased by 27%. The $30,000 level may serve as a strong support in the event of a retracement, according to IntoTheBlock, who noted that there is no especially significant possible on-chain barrier as Bitcoin approaches $40,000 in the future.

Crypto Analyst Ali’s Thoughts on Bitcoin Price

Bitcoin has established a significant support barrier between $25,000 and $30,000, according to cryptocurrency analyst Ali.

According to the UTXO Realized Price Distribution (URPD) model, if the next important barrier of $38,440 is overcome, Bitcoin may aim for the $47,000 level. According to Ali, the URPD model indicates that the next two significant levels of resistance for BTC are $38,440 and $47,360.