Bitcoin Price Prediction: BTC Falters At $48,000 As Bulls Regroup For The Next Run-up To $52,000
- Bitcoin price uptrend suffers delay at the supply zone near $48,000, forcing bulls to rally support above the 50-day SMA.
- The uptrend seems intact and would make it to $52,000 if BTC bulls overcome resistance at $48,000 in the short term.
Bitcoin flipped green last Friday and added more than $5,000 to its value to trade roughly above $48,000. Before this, the bellwether cryptocurrency had for more than a week sought and defended support at $48,000.
The entire market gained traction alongside Bitcoin, with Ethereum breaking above $3,200 and closing the gap to $3,400. At the time of writing, Ethereum is trading at $3,352. Cardano, the third-largest cryptocurrency, holds marginally above $2.8 while Binance Coin trades at $415. The rest of the market is painted red due to the corrections that occurred during the weekend.
Bitcoin Price Uptrend Stalls At $48,000 But Investor Eye $52,000
The largest cryptocurrency gained more ground as soon as it flipped $44,000 into support on Friday, a move that we had predicted and explored several times. The upswing to $48,000 was sharp and quick, with BTC growing in value by more than 10% in a few hours.
Nonetheless, Bitcoin lost steam marginally above $48,000, within the supply zone marked in red. This area houses many sellers who keep trying to break even, thus reducing the bull’s impact.
The resistance also explains the minor correction under $48,000, whereby BTC is teetering at $47,760. It is worth mentioning that buyers have substantial influence; hence, the retracement seems healthy and controlled.
BTC’s daily chart highlights immediate support provided by the 50 Simple Moving Average (SMA). As long this buyer concentration zone remains intact, we expect Bitcoin to keep up with the uptrend, aiming for $52,000 in the near term.
BTC/USD Daily Chart
In addition to the crucial support, the Moving Average Convergence Divergence (MACD) has a bullish outlook based on the daily chart. This technical index sent a buy signal on September 30, for the first time since July.
At the time, Bitcoin gained tremendously to $52,967. If the buy signal remains in place, we expect BTC to overcome the hurdle at $48,000 and launch an assault mission on $50,000 head of the run-up to $52,000.
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
