It’s a new trend followed by the Bitcoin price by consolidating hard within narrow levels before smashing higher levels. However, a couple of accumulations have also resulted in a breakdown from the current levels too. And hence the current trend appears to be pretty misty as both the upper and lower target appears to be achievable.
When Can We Expect Bitcoin(BTC) Price to Hit $45,000?
It is not the first time where-in the BTC price has smashed the upper target of around $45,000 in recent times. However, each time the bears restricted the price immediately as the asset traded above $45,000. And hence dragging the price towards the lower support. Yet some factors may help the BTC price to smash and sustain above $45,000.
- The $44,500 levels are extremely crucial for the rally and hence if the asset needs to barge-in to $45,000, then the asset needs to achieve and consolidate along these levels for a couple of days.
- Yet the $45,000 could be pretty achievable and a small consolidation just above $45,000 could ignite a strong uptrend leaving no room for the bears to enter the ring
- The BTC price chart is extremely bullish as it has formed a bullish flag but technically, the asset is due for a short-term pullback as buyers are exhausted a bit.
Once the Bitcoin price sustains the $45,000 price zone comfortably, to validate the uptrend, the asset needs to break out from the downtrend resistance band. As per a popular analyst, the band also known as the uptrend support band spreads in between $43,564 and $46,265.
As said by the analyst, slicing through these levels may eventually assist the Bitcoin(BTC) price rally to test the much-awaited top at $50,000. However, these are extremely fragile zone which may make the price extremely volatile. As many have jumped in at this stage and could make an exit as the price hit $50,000. And hence until and unless the BTC price sustains above $50,000, a bull run or to be specific an uptrend may not be confirmed.