The current trajectory of Bitcoin’s price curve reveals a compelling pattern that instills confidence among investors for the upcoming days. Presently, BTC has retraced to the April 2022 level, a few weeks before the unsettling FTX collapse in the crypto market. Notably, Titan of Crypto’s analysis suggests a potential surge to $46,500 based on the observed price activity over the last 72 hours.
Speculating on Bitcoin Future: A Scenario Analysis of BTC Echoing Weekly Momentum Trends
Upon closer examination in a 15-minute timeframe, the leading cryptocurrency mirrors a consistent pattern of ascending prices followed by corrections over the past three days. Building on this trend, the analyst anticipates that BTC could reach $46,500. In his own words,
“Could Bitcoin reach $46,500 next? When examining the lower timeframe (15min), BTC appears to be replicating the exact same pattern for three consecutive days. If history repeats itself today, $46.5k could be the target.”
Simultaneously, on-chain data highlights the activation of Bitcoin wallets with over 100 BTC in the past four weeks, leading up to the rally beyond $40,000. Additionally, a Bitcoin Maximalist expresses optimism, expecting a ‘God candle’ to propel BTC’s ascent by an additional $100,000 from its current level.
Future Outlook for the Extended Horizon
In the extended timeframe, there’s considerable anticipation for a substantial upswing in the leading cryptocurrency, especially with the prospective approval of the spot Bitcoin ETF and the upcoming Bitcoin Halving event. The question lingers as to whether the price will surpass the $50,000 mark before the ETF approval, positioning itself favorably for the next phase of a bullish market run. Analysts are eyeing the period between January 6 to 8, 2023, as a potential timeframe for the announcement of ETF approval, eagerly awaiting a pivotal moment in the cryptocurrency landscape.
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