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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 01, 2023 07:20 UTC
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Bitcoin to $50k in 4 Months? Crypto Trader Makes Bold Prediction
Cryptocurrency market is showing positive signs, with Bitcoin expected to soar to $50,000 within the next four months.
Anticipation of ETFs approval and Bitcoin halving event in April is exciting everyone.
There are several key indicators signaling an imminent price surge.
The cryptocurrency market is showing positive signs, with a notable breakout in the 78-week chart, signaling the start of the third bull wave. Moreover, Bitcoin’s correlation with the S&P 500 (SPX) has hit a four-year low, affirming its status as a reliable investment hedge.
Adrian Zduลczyk, a renowned crypto trader, has conducted an extensive technical analysis of Bitcoin’s price trajectory. According to his insights, Bitcoin is expected to soar to $50,000 within the next four months, representing an impressive 43% increase from its current price.
The anticipation of ETFs (Exchange-Traded Funds) approval and the scheduled Bitcoin halving event in April are anticipated to exert a significant influence on Bitcoin’s price trajectory.
Strap In! We’re Headed to the Moon.
To substantiate his prediction, Zduลczyk points to several key indicators signaling an imminent price surge. In October, Bitcoin’s trading volume surged, indicating heightened market activity expected to spill over into November. Increased trading volume typically suggests a rising level of interest and participation, factors conducive to a bullish trend.
Additionally, the Relative Strength Index (RSI) shows promise, revealing signs of an impending breakout and hinting at significant price fluctuations in November.
What the Golden Cross Could Mean
With the occurrence of a “golden cross” signifies a dominant bull market, marked by the 50-day simple moving average (SMA) overtaking the 200-day SMA in an upward trajectory.
Currently, the 50-day SMA is steadily rising at $27,714, while the 200-day SMA stands at $28,174. With such a bullish sentiment prevailing in the market, experts anticipate the next Bitcoin price target to be around $40,000.
A Price Correction Is Headed Our Way!
However, Zduลczyk also highlights the possibility of a short-term price correction in the near future. In the event of such corrections, Bitcoin’s price may dip to the $33,400 range, characterized by consolidation and tightening momentum bands.
Despite potential fluctuations, the key support level for Bitcoin remains at $33,000, indicating a firm grip by the bulls on the market.
Also Read: Bitcoin Soars to 17-Month High: $40K Next?
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