BitcoinPrice Analysis

Top Reasons Why Bitcoin(BTC) Price Could Breakout But Is $100K Feasible Target?

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Highlights

    Bitcoin price is slowly approaching $47,000 after a week long consolidation below the levels

    The price is showcasing an extreme strength to surge towards its previous positions, yet the bears appear to give a tough time

    The asset despite all the odds is expected to breakout through the barriers and hit $100K within the current bull cycle

Bitcoin price since the extreme sell-off in the recent past is attempting very hard to surpass the  $47,000 mark. Despite multiple rejections, yet the price remains poised to surpass the levels at the earliest. However, the BTC price could break the consolidation very soon and head towards its target. Below mentioned are the reasons, why the asset could avoid flipping to the bearish divergence. 

  • According to on-chain reports as much as 3.2K long liquidations were created on Bitfinex
  • Bitcoin addresses having assets in between 10K to 100K BTC purchased nearly 60K BTC
  • 80K BTC withdrawn from the known crypto exchanges wallets which points out towards the bulls accumulating the asset
  • Whales may have entered the game as large transactions volume on the BTC network surpassed $451 billion

The indicators and the market sentiments are being extremely positive, despite the sideways trend of the asset. On the contrary, the price seems to be a little sceptical about the upcoming movement. As of now, the digital currency does not appear to be sure of the next leg as a tough fight between the bears and the bulls have surfaced the waters. 

Also Read: Bitcoin Network’s Roadmap Looks Strong! Will BTC hit $100k by the year’s end?

Will Bitcoin Price Smash $50,000 Today?

The Bitcoin price maintains its narrow trend for quite a long time, and hence a breakout could be approaching. But in the short-term, the sideway trend could continue for some more time and a slight pullback could not be neglected. The price is currently very close to its immediate support levels and is trending within the decisive phase. 

bitcoinprice

A breakdown from the descending triangle from here could lead the price to close to $45,000. However, a notable rebound can also make its way out preventing further losses. On the other hand, the Golden cross event is not yet validated as both 200 & 50-day MA are going hand-in-hand. Therefore, placing the Bitcoin price in dilemma, difficult to decide the upcoming movements. 

As long as the BTC price trends within the descending triangle, the fear of pullbacks may be nullified. But if the bears begin to dominate, the direction of the Bitcoin price could flip, however, it’s more unlikely. 

Also Read: Bitcoin Price to hit $100K by December! But, The First a Dip is on the Way

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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