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Will $BTC reclaim $50,000 in the coming week?

Bitcoin Price Prediction: The leading cryptocurrency Bitcoin started February 2024 with a silent and stagnant price behavior, reflecting the uncertainty among traders. However, as inflows into spot Bitcoin ETFs increased, the underlying asset experienced strong demand pressure and surpassed $48,000 for the first time since its launch. This surge created a ripple effect across the altcoin market and sparked another rally in major cryptocurrencies. Will buyer momentum be enough to push past $50,000?

Also Read: BTC Surges Above $48,000, Reaching New Highs in Cryptocurrency Market

Bitcoin Price Prediction: Whale Accumulation Signals Extend Rally

Bitcoin price prediction| Trading view

Bitcoin price experienced a notable uptrend, rising from $42,280 to $48,050 for eight days, an increase of 13.65%. This rise successfully recouped 50% of the losses from the previous correction, showing the strong conviction of buyers.

During this rally, on-chain analytics firm IntoTheBlock highlighted in a repost that 90% of BTC holders are now making profits, reducing the likelihood of panic selling and encouraging more stable growth.

With this momentum, Bitcoin is poised to retest the previous swing-high resistance at $49,000. A successful break of this level could signal a solid foundation for a continued uptrend, indicating strong market confidence and the potential for further gains

Additionally, Bitcoin whales have significantly increased their holdings, purchasing 140,000 BTC worth $6.16 billion in the last three weeks. This trend, highlighted by crypto analyst @alichart, reflects strong bullish sentiment among large investors.

Also Read: Bitcoin Could Be Heading For A Major Change With Recent Surge

Is Bitcoin Price Facing a Major Trend Change?

Bitcoin price prediction| Trading view

An analysis of the higher time frame chart shows that the latest correction was part of a bullish reversal pattern called “Cup and Handle.” This pattern often occurs at the bottom of a major downturn and signals an early sign of a trend reversal. Consolidation amid this pattern development provides ample time for traders to collect their favorites at discounted prices.

Therefore, a potential breakout above $49,000 will trigger this chart pattern and encourage buyers to target the $81,600 level

  • Exponential moving average: The fast-moving 20-day and 50-day EMA rise could continue to act as dynamic support for BTC price.
  • Average Directional Index: ADX's 19% rise reflects that buyers have enough to lead a longer rally.

Related Articles: Crypto Headlines of the Week: Bitcoin, Solana and Shiba Inu Fuel Conclusions

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