Bitcoin Price Prediction: BTC primed for a massive move eyeing $58,000

John Isige Bitcoin News published March 1, 2021 | modified March 1, 2021

Bitcoin Price Prediction: BTC primed for a massive move eyeing $58,000


  • Bitcoin rebounds after testing support at $43,000 during the weekend session.
  • The breakout from the falling wedge pattern reinforces the uptrend toward $58,000.
  • Resistance is anticipated at $50,000, as highlighted by the 50 SMA and the 100 SMA.

Bitcoin dropped to $43,000 after failing to overcome the resistance at $52,000 last week. The weekend session was mainly bearish for the flagship cryptocurrency. Support at $45,000 and $44,000 was not enough to enact a trend reversal.


However, the drop to $43,000 appears to have been a blessing in disguise because bulls are currently coming out much stronger. Apart from the lower price level allowing more investors to join the market, a bullish technical pattern has formed on the 4-hour chart.

Bitcoin slightly above $46,400 after breaking out of a falling wedge pattern. The bullish pattern came into the picture as the bellwether cryptocurrency dropped from the all-time highs at $58,000. This pattern indicates a period of consolidation, leading to a massive breakout.

The breakout is anticipated above the upper trendline and signifies a weak bearish front as the bulls swing into action. If the breakout is confirmed, we can expect BTC to hit levels above $50,000 as buyers push for gains toward $58,000.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The bullish outlook has been reinforced by the Moving Average Convergence Divergence (MACD). Although the indicator is still in the negative region, it has a bullish impulse. For instance, the MACD line (blue) is crossing above the signal line, showing that BTC is in the buy zone.

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On the other hand, it is essential to realize that breakout to $58,000 may delay because of the resistance at $50,000, as highlighted by the 100 Simple Moving Average and the 50 SMA. Moreover, Bitcoin must establish support above $46,000; otherwise, a breakdown could into the picture and push BTC to levels closer to $40,000.

Bitcoin intraday levels

Spot rate: $46,410

Relative change: 1,144

Percentage change: 2.4%

Trend: Bullish

Volatility: Growing


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