Claim $500Bitcoin Price Prediction: BTC Price Recovery In Effect As Bulls Eye $53,600
Bitcoin price is trading in around $48,658 with a bullish bias as the crypto market is set to recover following the November 03 flash crash. The big crypto is currently consolidating above the $48,000 crucial level. The uptick that started on Saturday November 04 has pushed BTC from lows of around $43,497 on Saturday to the current price above $48K.
The rest of the market is following suit and as Bitcoin leads the pack, investors can expect the BTC price to go even higher.
Bitcoin price is preparing for a 10% upswing to $53,600
BTC/USD dropped as much as 25% from highs above $57,000 to towards the $40,000 support floor in less than 24 hours during the midnight New York trading sessions on November 03. This crypto market flash crash pulled the entire market with all the top 30 cryptos flashing in red, leading to massive liquidations across the market. However, investors bought the dip pushing the price back to the $48,000 levels.
While this short-term rise in Bitcoin price is currently consolidating above $48,000, it can be expected that BTC could climb further to tag the $53,600 resistance level. It is worth noting that this area provided formidable support between November 26 and 28. This would represent a 10% rise from the current price.
This bullish narrative is validated by the upward movement of the Moving Average Convergence Divergence (MACD) Indicator which has just sent a call to buy Bitcoin on the four-hour chart. This happened earlier today when the MACD line (12-period exponential moving average (EMA)) crossed above the 26-EMA suggesting that the market momentum has reversed bullish.
BTC/USD Four-Hour Chart
However, if BTC price fails to rise above the $48,900 resistance level to tag the $50,000 psychological level, it will suggest that the bulls are tired. In such a case, the price of the bellwether cryptocurrency will dop below the $48,000 psychological level to seek solace around the $46,698 support zone. A drop further could see Bitcoin price retest the $40,800 support wall.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto ETF Issuer 21Shares Advances Dogecoin ETF Bid with Amended S-1 Filing
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- IMF and El Salvador in Bitcoin Talks: Progress Made, Compliance Deadline Set
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Will Bitcoin Price Hit $100k Before Year-End? Prediction and Analysis
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
