Bitcoin Price Prediction: Why the Next Recovery Leap May Hit $45000

Bitcoin Price Prediction: For nearly two weeks, the BTC price has been trading sideways as the delay in approval of some Bitcoin spot ETFs has increased uncertainty among traders. The coin price is witnessing intense overhead supply at this $38000 mark nullifying the buyers attempt to surge higher. However, a look at the higher time frame indicates this consolidation is likely a retest phase following a wedge-pattern breakout, offering traders an opportunity to go long.

Also Read: Bitcoin (BTC) Derivatives Market Show Resemblance to 2021 Bull Run, Options Expiry Today

Bitcoin Price Prediction: Will BTC Price Recovery Hit $48000

• The BTC price sustainability above the recently breached channel should bolster further rally.
• A breakdown below the new support trendline could trigger a fresh correction in the BTC
• The intraday trading volume in Bitcoin is $16.3 Billion, indicating a 46% gain.

Source-Tradingview

On November 9, the Bitcoin price broke out of a rising wedge pattern’s resistance trendline. This pattern has been indicative of a steady recovery over the last 17 months, and the bullish breakout signals that buyers might be gearing up for an even more assertive recovery. 

Currently, the BTC price is trading around $37,200, and the delay in the approval of Bitcoin’s spot ETF has led to a state of uncertainty in the markets. Generally, breakout trades are characterized by quick movement and high momentum, so an extended retest phase could suggest a weakening in buyer conviction. 

If the buyers manage to rebound from its new support trendline, a 30% rally towards the target of $48,200 could be anticipated. 

Additionally, an ascending trendline in the 4-hour chart provides dynamic support during this retest. However, a break below this support would mark the prior breakout as a bull trap.

Crypto Analysts Hints Sustained Recovery

A renowned analyst, @thescalpingpo has outlined a potential roadmap for the Bitcoin price in the coming months. According to this analyst, the BTC is showing a repetitive pattern of breaking out from significant resistance, expanding, undergoing a minor pullback, and then continuing its rally. With the coin price currently above the $37,000 mark, it is predicted to rise to around $42,721 before entering a minor correction.

• Exponential Moving Average: The 20-day EMA slope provides dynamic support to the BTC price during the current retest.
• Vortex Indicator: A bullish crossover between the VI+(blue) and VI-(pink) slopes indicates that the bullish trend is still in place.