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 Zduńczyk, 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.
To substantiate his prediction, Zduńczyk 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.
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.
However, Zduńczyk 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?
The Federal Reserve decided not to change interest rates on May 7, keeping them at…
In a world where crypto firms often clash with regulators, Ripple is choosing a different…
Solana (SOL), a notable player in the blockchain world, continues its remarkable trajectory with its…
Massive Early Gains: Shiba Inu, Pepe, and Why Pepeto Is Next in Line Shiba Inu…
The memecoin space has recorded a sudden rise of nearly 10% since the past trading…
With the cryptocurrency market regaining momentum and new capital flowing into early-stage projects, investors are…
