The market participants have been extremely joyful as the star crypto Bitcoin achieved the first milestone at $50,000. The token has surged over 15% in the past seven days, recording one of the highest weekly gains, resembling the jump during the 2021 bull run. Having said that, the BTC price is flashing clear bullish signals and it’s preparedness to achieve greater highs before the end of 2024.
Have the bears lost all their ground? Will the BTC price not face a rejection shortly?
The bitcoin price marked new highs at $50,368 during the early trading hours as market sentiments turned extremely bullish ahead of the halving. However, the ETF launch and the rate cuts have also fueled the rally. The current trade set-up indicates the crypto may not stop ranging high as the bulls are eyeing surpassing the current ATH in the coming months.
The BTC price in the long term is appearing extremely bullish as it is trying to surpass the upper resistance of the expanding megaphone pattern. The volume has turned in favour of bulls-of-let, which has elevated the buying pressure to a large extent. Hence, the BTC price is expected to breach these levels and surpass the interim resistance at $51,900. However, after unlocking a new milestone, the bulls tend to face exhaustion, which may compel the price to remain consolidated for a while.
Besides, the RSI has also reached overbought levels, which substantiates the bearish claim. However, the MACD is bullish, indicating the bulls are holding significant dominance, which may hold the levels above the pivotal support. With this, Bitcoin remains under bullish influence in the long term and may achieve $60,000 before the end of the first quarter. Even though bearish activity may follow, the BTC price may still rebound and achieve $100K before the end of 2024.
Credit: Source link