Bitcoin Price Prediction: Will $BTC Reclaim $50000 in Coming Week?

Highlights

The Bitcoin Fear and Greed index at 71% reflects a greed sentiment among market participants.
The BTC price has enjoyed an 8-day rally, accompanied by increasing trading volume, indicating a pattern of sustainable growth.
The intraday trading volume in Bitcoin is $20.2 Billion, indicating a 25% gain.

Bitcoin Price Prediction: The leading cryptocurrency Bitcoin entered February 2024 in a silent and stagnant price behavior reflecting uncertainty among traders. However, with the increasing inflow in Spot Bitcoin ETFs the underlying asset witnessed a surge in demand pressure and surpassed the $48000 mark for the first time since the launch. This uptick created a ripple effect in the altcoin market triggering a renewed recovery of major cryptocurrency. Will buyers have sufficient momentum to surpass $50000?

Also Read: BTC Surges Beyond $48K, Reaching New Heights in Cryptocurrency Market

Bitcoin Price Prediction: Whale Accumulation Signals Prolong Rally

BINANCE:BTCUSD Chart — Bitcoin Price Prediction| Tradingview

The Bitcoin price has seen a notable uptrend, increasing for eight straight days from $42,280 to $48,050, marking a 13.65% rise. This surge has successfully recouped 50% of the losses from the previous correction, demonstrating a strong buyer conviction.

During this rally, on-chain analysis firm IntoTheBlock highlighted in a repost that 90% of BTC holders are now in profit, reducing the likelihood of panic selling and fostering more stable growth.

Bitcoin has shown significant volatility this week, surging by +11% from $42k to its current price of $47k.

Forecasts indicate a possible rally towards $50k.

Data from @IntoTheBlock reveals that 90% of Bitcoin holders are currently profitable.

Moreover, the In/Out of Money… pic.twitter.com/HY7ojctqoX

— C_THUMBS || ₿ || (@C__thumbs) February 9, 2024

With this momentum, Bitcoin is poised to retest the previous swing high resistance at $49,000. A successful breach of this level could signal a solid foundation for a continued uptrend, indicating robust market confidence and the potential for further gains

Moreover, the Bitcoin whales have significantly bolstered their holdings, purchasing 140,000 BTC, worth $6.16 billion, over the last three weeks. This trend, highlighted by crypto analyst @alichart, reflects a strong bullish sentiment among major investors.

#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion! pic.twitter.com/ViRnYiJHmp

— Ali (@ali_charts) February 10, 2024

Also Read: Bitcoin Could be Headed for Major Shift With the Recent Surge

Is Bitcoin Price Poised For Major Trend Change?

This pattern often emerges at the bottom of a major downturn signaling an early sign of mark reversal. The consolidation amid this pattern development provides sufficient time for traders to accumulate their favorites at discounted prices.

Thus, a potential breakout from $49000 with trigger this chart pattern and encourage buyers to chase $81600 mark

Exponential Moving Average: The fast-moving 20-and-50-day EMA slope may continue to act as dynamic support of BTC price.
Average Directional Index: The ADX slope uptick at 19% reflects the buyers have sufficient to lead a prolonged rally.

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Sahil Mahadik

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

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