Here’s When Bitcoin Price Will Break Out Of Consolidation! BTC To Hit $50K, If This Happens

The market continues to be fearful. There is widespread anxiety that Bitcoin’s value will continue to decline as a result of the FED’s recently announced increases in key interest rates. On the other hand, Bitcoin price found support near $36,500 after a downward dip.

BTC began to rise steadily and peaked past $37,000. BTC has risen beyond $38,000 and is currently trading in the green at $38,454, after clearing an initial resistance near $37,500.

Bitcoin Price (BTC) to Breach the $50k level?

Popular Crypto analyst Justin Bennett claims that Bitcoin is currently trading within an ascending channel on the lower timeframe and is primed to rally above $40,000 before the month is out in a new strategy session. Although the lower time frames of Bitcoin appear positive, the crypto expert explains why bulls will likely face severe sell-side pressure around the $40,000 price region.

As long as Bitcoin remains within this ascending channel, he claims, he is looking for a move up towards $40,000 to $42,000 to really test this region because it’s going to be a significant place for Bitcoin. Even as a horizontal region, you can see how important this area has been in the last few months, and in fact, in the last year.

Also Read : Top Predictions For Bitcoin, Ethereum & Cardano Price, Will the Assets Record a Bullish Monthly Close?

On a daily and weekly closing basis, the market is now trading below it. So whether we see Bitcoin break out toward $45,000 to $46,000 or if we see another rotation lower in the next weeks will be determined by the price action between $40,000 and $42,000.

If Bitcoin bulls can break through resistance at $42,000, Bennett believes a breakout might take BTC to $50,000. He believes that Bitcoin must break over $42,000 and close above $42,000 in order to reach $45,000 to $46,000, and possibly $50,000. Until that time comes, $40,000 to $42,000 will be a formidable barrier.

Source: https://coinpedia.org/bitcoin/heres-when-bitcoin-price-will-break-out-of-consolidation/