In a recent analysis, a seasoned trader and analyst, known as @Yodaskk on Twitter, shared a bullish midterm prediction for Bitcoin (BTC), suggesting significant price growth. This forecast is supported by three key indicators that indicate a favorable outlook for the leading cryptocurrency.
According to @Yodaskk, Bitcoin’s crucial price levels are expected to be reached in the fourth quarter of 2023, specifically in the range of $44,444 to $48,650. The first indicator supporting this prediction is the Fibonacci retracement, a commonly used tool among traders. When applied to Bitcoin’s historical price movements, the 61.8% level emerges as a strong support level for bullish activity, aligning with @Yodaskk’s projected “interesting” zone.
Furthermore, the analyst examined Bitcoin’s performance over the past six months using technical analysis indicators, which further reinforce the potential for a significant price surge in the midterm.
@Yodaskk also highlighted the Livermore Accumulation Cylinder trend line on larger time frames, although it is not a definitive indicator. This suggests the potential for bullish progress in Bitcoin’s price trajectory. However, it is important to note that a sharp correction of around 30% may follow the projected surge, potentially retracing Bitcoin back to its current levels.
Recently, Bitcoin reached its yearly high in the broader market context, briefly touching $31,400 on major spot trading platforms. This surge was driven by the optimism surrounding multiple Bitcoin exchange-traded fund (ETF) filings from prominent asset management companies.
Notably, top institutional investors like BlackRock, Invesco, WisdomTree, and Valkyrie have all submitted applications to the Securities and Exchange Commission (SEC), creating euphoria within the cryptocurrency market.
This positive sentiment is reflected in the Crypto Fear and Greed Index, which has experienced its most significant spike since mid-March. Currently, at 65/100, the index has transitioned from the “Extreme Fear” zone to the “Greed” zone in just nine days, indicating a growing optimism among market participants.
As September approaches, investors and enthusiasts will closely monitor Bitcoin’s price movements to see if the bullish predictions hold true.
Source: https://coinpedia.org/bitcoin/bitcoin-price-prediction-btc-price-to-hit-48k-level-by-september-heres-why/