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

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

Analysts wonder if the BTC price can cross the next threshold.

321
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.

Can the BTC Price Reach Its Next Target of $47K?
Sources:u today
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Analyzing the Relationship Between Bitcoin Spikes and Altcoin Key Levels

Analyzing the Relationship Between Bitcoin Spikes and Altcoin Key Levels

Analyzing the Impact of CBOE Ether ETF Launch on the Market

Analyzing the Impact of CBOE Ether ETF Launch on the Market

Telegram Mini App Store: A Game-Changer Development

Telegram Mini App Store: A Game-Changer Development

PEPE News – Memecoin Competitors: Shiba Inu (SHIB) and Pepe (PEPE) Continue to Make Waves

PEPE News - Memecoin Competitors: Shiba Inu (SHIB) and Pepe (PEPE) Continue...