Bitcoin‘s price is on the verge of closing the first weekly red candle after a long period and must surpass the $44,000 level. Even after parabolic rises, the price may experience weaker pullbacks. However, BTC‘s current situation maintains its uncertainty. We could even say that the price is at a decision-making phase for the upcoming few weeks.
Bitcoin (BTC) Weekly Closure
The performance of cryptocurrencies is directly tied to Bitcoin, and for now, the price consolidating above $42,000 is assisting notable rises in some altcoins. However, staying in a narrow range for an extended period could trigger losses in altcoins through profit-taking.
Even if Bitcoin started to fall this week, we must not forget that it has recovered from $40,000 and reclaimed the $42,000 level. Therefore, whether this week’s candlestick will be bullish or bearish could remain uncertain until the final hours. The RSI is above 50, indicating that buyers have not abandoned their defense line. Furthermore, the latest CoinShares report indicates a continuation of stable institutional net entries.
BTC Price Prediction
Taking a brief look at popular analysts’ opinions, ShardiB was in favor of a continuation of the rise due to a triple bottom. TheScalpingPro, however, highlighted two scenarios. The first scenario is that the price continues to rise and reaches $48,000 without seeing a deep dip. In the second scenario, a drop to $35,000 is observed. In the details of the second scenario, he wrote:
“The price has locally peaked at the midpoint range and could fall to $35,000 before the next stage. We may see several tests and a consolidation process, but whatever the scenario (probability 1 and 2), the general idea is that an uptrend is expected, and any decline is a buying opportunity.”
The analyst MooreCryptoNL also mentioned that due to Elliott wave counting, a new yearly high might arrive before December ends. Accordingly, in the next 15 days, new peaks might be seen in altcoins as well.
According to the most likely Elliott Wave count, Bitcoin’s price is in the third wave of a five-wave upward movement. The significant portion of altcoins’ wave counts indicates this, and if BTC fails to surprise us by crossing $44,000 as the weekly close approaches, we will generally see local bottoms in the corrective wave.
The potential peak target of the third wave is $47,600, with support levels at $38,000 and $33,000.