Bitcoin Price Prediction As Renewed Buying Hints a Rally to $48000

Sahil Mahadik
Updated
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Bitcoin Price

Bitcoin Price Prediction: Bitcoin, the largest cryptocurrency by market capitalization, has been on a notable recovery path since the beginning of December. Starting the month at $37,655, it has witnessed a substantial 18% increase, achieving a 20-month high of approximately $44,530. This positive trend was further validated when the Bitcoin price broke through the overhead trendline of an expanding channel pattern, signaling that buyers are gearing up to extend the uptrend.

Also Read: Bitcoin Core v26.0 Is Now Live, BTC Price Set For $50000

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Will BTC Recovery Surpass $48000?

  • A bullish breakout from the resistance trendline of the retest phase offers additional confirmation for recovery
  • A long-tail rejection candle indicates the buyers are accumulating at a market dip
  • The intraday trading volume in Bitcoin is $36.9 Billion, indicating a 101% gain.
Bitcoin Price Prediction
Bitcoin Price Prediction| TradingView Chart

On December 5th, the Bitcoin price made a decisive breakout from the upper trendlines of the expanding channel pattern. Typically, this pattern suggests increasing uncertainty among market participants. 

However, a breakout to the upside indicates a stronger conviction from buyers to maintain the uptrend. Over the past few days, the BTC price has undergone a retest phase around the $44,000 level, striving to hold above the previously breached resistance. 

Earlier today, a recent sell-off pushed the price down to $40,300, but it quickly rebounded, showcasing strong buying pressure. This recovery brought the price to the current level of around $45,000, marking a bullish breakout from a newly established resistance point. 

If this momentum is maintained, the post-breakout rally could potentially drive the BTC price 10% higher, reaching approximately $48,276

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Market Confidence Soars as Bitcoin Open Interest Hits $19.61B High

BTC Futures Open Interest (USD)
Source- CoinGlass

The dollar-denominated open interest in Bitcoin futures has shown remarkable growth, indicating heightened market activity and investor interest. According to data from CoinGlass, in just two months, this open interest value has surged from $11.8 billion to $19.61 billion, the highest value recorded over the past year. This substantial increase in open interest, coupled with Bitcoin’s ongoing price recovery, reflects a growing confidence among investors and an increased interest in the cryptocurrency

  • Bollinger band: A downtick in the upper boundary of the Bollinger band indicator could offer an additional resistance of around $44,700. 
  • Relative Strength Index: A daily RSI of above 60% could reflect the bullish sentiment in the market is intact.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.