BTC bull march to $49,000 is just getting started, according to our Bitcoin price prediction

Investors have been taken aback by the ferocious intraday rise in the price of bitcoin.

Conclusion

  • Since the last time we checked in, the price of bitcoin has broken through a key barrier level.
  • The 6-hour parallel trend channel is now being breached by the Bitcoin price.
  • The bullish argument will be thrown out the window if it falls below the $40,000 mark.

Bitcoin's price is in a strong bullish confluence at the moment.

It appears that the 6-hour parallel channel has been violated for the fourth time this week. BTC's latest 6-hour chart shows a large amount of attention from the "Smart Money."

Some investors may be surprised by today's climb to $43,834, but Bitcoin's price does not appear to be going down any time soon.

A break over the prior support zone of $41,000 was cited in Monday's thesis as an early confirmation for traders seeking for an entrance. In the end, a breakout away from the support zone would be the safest entry point.

Early Wednesday morning, the BTC price surged above $42,777, a level not seen since the beginning of the year. Right now, there are a few key convergences in the price of Bitcoin. Extremely bullish is the high-volume break over the top end of the parallel channel at $43,834. On the other hand, it's encouraging to see such modest volume consolidation above the median parallel trendline. Larger candlesticks are likely to bring Bitcoin values toward $45,000 over the weekend if consolidation continues.

BTC/USD 6-Hour Chart
BTC/USD 6-Hour Chart

Bitcoin's price must be explicitly invalidated in order to prevent market makers from exerting their influence on the 6-hour trend channel. Breaking below $40,000, the bottom end of the prior support zone, will invalidate the argument. If this happens, the price of BTC is expected to fall to $38,000 or $36,000, a correction of 18% from where it is now.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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