Bitcoin Price Forecast: BTC battles for new record highs as bulls eye $52,500

Bitcoin lifts off support at $43,500, targeting an upswing towards $52,500.
Immediate support has been provided by the ascending parallel channel’s middle boundary.
A correction toward $40,000 is still in the cards, especially if the immediate support is broken.

Bitcoin price has been proving its ability to rise to record highs after a correction. The flagship cryptocurrency’s ability to remain stable after a massive move was put to the test this week. Tesla. The electric car manufacturer announced that it had added $1.5 billion worth of BTC to its balance sheet, causing speculation to shoot up in the market.

However, the flagship cryptocurrency stalled slightly above $48,000, abandoning the rest of the journey to $50,000. A correction ensued, pushing Bitcoin to seek refuge at $43,500.

Meanwhile, the pioneer cryptocurrency has renewed the mission for another new all-time high. BTC is trading at $47,150 as bulls fight the uphill task of breaking the barrier towards $50,000.

Bitcoin is also trading within an ascending parallel channel on the 4-hour chart. The middle boundary support has played a vital role in ensuring that BTC avoids massive losses.

As long as this buyer congestion zone remains intact, the spike above $48,000 will stay steady. Note that closing the day beyond this important level will urge investors and bulls to increase their positions, adding power to the tailwind.

BTC/USD 4-hour chart

Looking at the other side of the picture

Bitcoin’s uptrend eyeing levels beyond $50,000 may be abandoned if the middle boundary support is broken. Note that, earlier this week, BTC explored support at $43,500. Therefore, if massive sell orders are triggered, the bearish leg could extend to the channel’s lower boundary. Additional support is expect at $42,000 $39,500 and $38,000.

Bitcoin intraday levels

Spot rate: $47,245

Relative change: -760

Percentage change: -1.5%

Trend: Bearish

Volatility: Low

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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