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Predictions For Bitcoin Price During Wavering Market Conditions
(CTN News) – Bitcoin, the leading cryptocurrency by market cap, has traded in a narrow range between $53000 and $50600 over the past two weeks.
As a result of this consolidation, daily candles with long wicks and short bodies were projected, signaling an uncertain market sentiment which spread to altcoins as well.
While the BTC price remains above $50000, the bulls have not given up, indicating a resumption of the recovery trend is possible.
Bitcoin’s price has experienced a significant uptrend since late January, which is largely attributed to substantial inflows into Spot Bitcoin exchange-traded funds (ETFs). Over the course of one day on February 23rd, spot ETFs saw a significant increase of $232.5 million, bringing their cumulative net inflow to over $5.5 billion since their inception.
As a result of this spike in investor interest, the Bitcoin price has risen from $38,550 to $52,868, representing a 37% increase in value in just a month.
On February 24th, Bitcoin traded at $51692, up 2% from its range support of $50600. There is a possibility that the buyers will again challenge the upper boundary at $53000 as a result of the renewed interest in purchasing.
In this regard, a breakout beyond this range will be a more reliable indicator of BTC’s future trend. In the event that the coin price breaks through $53000 resistance, the buyers will gain sufficient support to propel a recovery rally to $59800.
It is likely that the Bitcoin price will have to consolidate for a longer period of time in order to regain strength following a breakdown below the $50600 range support.
The immediate support for buyers is at $49000, which is aligned with the recently breached neckline resistance of the cup and handle pattern. A decisive breakout pattern’s neckline resistance was broken on February 12th, signaling a significant change in trend.
Providing the coin price sustains at this support level, it is likely that Bitcoin will attempt to reach the potential targets of $59111, $69275 (ATH), and $82640 in the near future.
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