- Bitcoin Price Consolidating Between the $45000 and $47000 levels
- Renewed positivity in crypto market continues to boost Bitcoin and other altcoins
- Spectre of renewed regulatory clampdown seems to have been brushed off
After having superseded the $47000 mark over the past 24 hours, the Bitcoin price has made a small descent to the $46400 level where it is expected to remain consolidating. Price movement for BTC has been quite limited of late with the trading range being extremely tight.
It is important to note that the Bitcoin price has risen by around 60% since the July 20 low of just over the $29000 level. This is an impressive gain making it the third best rise this year and several other altcoins have also followed suit.
Although there has been a lot of talk about renewed regulation in the crypto market, this has largely been shrugged off by investors with the total market cap rising by a considerable margin over the past couple of weeks.
The passing of the Infrastructure Bill in the US Senate has also not cut much cloth with the crypto community either.
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Short Term Prediction For Bitcoin Price: $50K Looks To Be The Next Big Resistance Level
As already indicated, the Bitcoin price has appreciated an impressive 60% since the July 20 low of $29,000. Although there have been sporadic retracements just like one over the past 24 hours, the general trend seems to be bullish overall.
A bullish thesis would see the Bitcoin price jump from the current level of $46500 to around the $49000 mark after which a push to the $51000 level would be the next logical move. This would represent an almost 10% gain for the Bitcoin price.
A bearish thesis would invalidate this prediction however. If that scenario were to pan out, the Bitcoin price would easily slip below the $46000 mark and settle at around the $41000 mark where there is considerable support. This would also mark the end of the rally from July 20 that has lasted a considerable 23 days.
However, with a bullish market playing out at present, this scenario looks rather unlikely. It could also be the prelude to another jump to the psychologically significant $50000 level.
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Long Term Prediction For BTC: Higher ATH’s Still A possibility By End Of Year
The Bitcoin price has been struggling considerably with the $46000 level but even if a sell off occurs, the correction could prove healthy. Analysts are predicting that a correction will allow bulls that have been side-lined from the previous charge to regain strength and make another forward push.
Bitcoin’s previous all time high of $65000 could be reached again quite soon. If market sentiment continues to be positive then the rush forward could also propel the price to unheard of levels such as the six-figure magic $100K barrier.
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Gerald Fenech
