New BTC price breakouts see Bitcoin traders confirm targets up to $48K
Bitcoin is currently making an effort to break free from the trading range it has been in over the past week. However, when looking at longer timeframes, predictions suggest there is significant potential for the BTC price to experience more upside.
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Bitcoin (BTC) has surged to new 18-month highs, but the key to avoiding a potential "breakdown" is holding its latest support.
BTC's price reached $35,968 on Bitstamp after the daily close, marking its highest level since May 2022 and surpassing the previous month's local peak. Now, it is testing the $35,000 level as support, which is crucial for market participants. Some are cautious and consider the possibility of a new price dip.
Popular analyst Mark Cullen emphasized the significance of the $35,000 level, stating that it's a critical line in the sand. He mentioned that if Bitcoin closes a four-hour candle below $35,000, it could change the market sentiment, but there is no reason to be bearish until that happens.
Another trader and analyst, Credible Crypto, also expects a return to lower levels before a continued upside move, potentially trapping late long positions and shorts. He highlighted an "ideal downside target" around $34,600.
On the other hand, some traders, like Jelle, have a more bullish outlook. Jelle analyzed longer timeframes and suggested a potential target closer to $50,000. He noted that it might take some time to reach this level and that the real momentum often picks up after Bitcoin's block subsidy halving, which is scheduled for April 2024.
Overall, Bitcoin's price is at a critical juncture, with various predictions and expectations for its future performance in the market.
