Technical Analysis

Will Bitcoin Jump to $50K or will Trace back to $34K?

Will Bitcoin Jump to $50K or will Trace back to $34K?

The past week witnessed a tumultuous fluctuation in the price of Bitcoin, creating a ripple effect on the rest of the market. On January 11th, 2024, it crossed the $48,000 mark, but since then, it has been on a consistent downward slope.

Currently, Bitcoin is making a comeback, and this positive shift has also benefitted many altcoins, which have seen growth in the last 24 hours. According to Coinmarketcap, at the moment, Bitcoin’s price stands at around $41.7K, marking a 3.78% increase in the past day.

This resurgence was triggered by a sudden surge yesterday, where Bitcoin managed to jump by more than $1,900 in just a few hours. This upward momentum propelled Bitcoin to $42K, before a resistance halted its further rise.

Bitcoin Price Chart - Trading View

The price is currently ranging between 50-day moving average and 100-day moving average. This shows the accumulation phase of the Bitcoin. However, if price drops below 100-day moving average, it can go down up to its previous support of $34000. And if price of Bitcoin crosses above 50-day moving average, there are high chances that it can shoot up to $48K again.

As Bitcoin’s price escalated, many large-cap altcoins also managed to seize the opportunity to grow, albeit to varying extents.

However, it’s crucial to note that Bitcoin touching $48,000 in the coming month isn’t a certainty. Bitcoin’s price is notably volatile and can be swayed by numerous factors. Thorough personal research and consideration of individual risk appetite are essential before making investment decisions.



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