Bitcoin has surpassed the $45,000 mark, continuing a positive trend that started a few months ago, with high expectations set for early 2024. Despite skepticism, BlackRock’s interest in the cryptocurrency market foreshadowed this rise back in mid-June. As anticipated, Bitcoin’s price has more than doubled, confirming the bullish trend.
Since October 2023, Bitcoin has been on an upward trajectory, reaching $44,729 in early December and initiating a consolidation phase. During this period, altcoins experienced massive rallies, with some increasing their value by up to 20 times, coinciding with a weakening Bitcoin Dominance (BTCD). Recently, Bitcoin’s price surged significantly, reaching its highest level since April 2022, at $45,879.
Analyst Scott Melker highlighted the potential for further gains due to a breakout from a symmetrical triangle. He has been bullish for a while and believes the market is on the right track. In his latest market assessment, he suggests a target of roughly $54,000, based on the breakout from a bull flag pattern, though he acknowledges that targets are rarely met precisely.
Renowned analyst Michael Poppe is aiming for a strong stance above $50,000, and hints that an upcoming ETF approval could catalyze this upward movement. Another analyst, Shardi B, notes that the price is gradually reaching its all-time high.
The Elliott Wave Theory suggests that the ongoing bullish trend could be in its final wave, characterized by a symmetrical triangle pattern commonly found in the fourth corrective wave. The RSI supports the rise, indicating that Bitcoin could reach new highs in the fifth wave.
The predicted peak, in line with current news flow, is between $48,500 and $49,600, and an ETF approval could make this a reality within 24 hours. Should the rally continue, targets between $54,300 and $57,500 are attainable. Conversely, a close below $44,500 could lead to a drop to $36,500.