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Bitcoin Price Prediction: Bitcoin, the largest cryptocurrency by market capitalization, has demonstrated a strong bullish trend since the onset of December. Initiating the month at $37,656, Bitcoin has experienced a significant 17% increase within just a week, pushing its trading price to approximately $44,000. A key factor in this upward trajectory is the recent breach of the resistance trendline in an expanding channel pattern, which has further invigorated the coin’s recovery momentum
Also Read: Bitcoin Core v26.0 Is Now Live, BTC Price Set For $50000
Is BTC Price Ready to Hit $48000?
- The BTC price break from the expanding chart pattern signals that buyers are preparing for a robust recovery.
- The rising BTC price may face high supply pressure at $48200.
- The intraday trading volume in Bitcoin is $40.9 Billion, indicating a 43.47% gain.
The rising trendlines of the expanding channel pattern have tracked the Bitcoin price recovery over the last five weeks. Typically, the diverging trendlines in such a pattern indicate increasing uncertainty among market participants.
Nonetheless, the BTC price gathered considerable momentum from early December, culminating in a decisive breakthrough of the channel’s resistance trendline on December 5th. This bullish breakout underscores the buyers’ firm commitment to extend the current recovery phase.
Currently, with the BTC price trading around $44,100, the focus is on maintaining these gains. If buyers successfully sustain this level, there is potential for the recovery trend to advance by an additional 10%, aiming for the next major resistance level at $48,235
Bitcoin Recovery Bolstered by $173.88 Million in Short Liquidations
Amid the current recovery, Bitcoin traders have witnessed a significant surge in short liquidation. According to data from Coinglass, the market experienced a substantial amount of short liquidations on December 4th and 5th, totaling around $173.88 million. This significant exit of short traders is likely to introduce more buying orders into the market, potentially reinforcing the ongoing recovery. This influx of buying interest, coupled with the technical breakout, presents a favorable scenario for Bitcoin’s continued upward movement.
- Bollinger band: An uptick in the upper boundary of the Bollinger band indicator reflects the buyers dominating this asset.
- Vortex indicator. A wide gap in the bullish crossover state between the VI+(blue) and VI(-) pink accentuates an aggressive recovery trend.
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