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At the time of drafting, Bitcoin‘s price was lingering near levels close to exceeding $42,000. Every price region is normalizing. Investors, once convinced that $38,000 was the toughest resistance for a major correction, witnessed the king cryptocurrency suddenly reach $42,000. We may soon see this area surpassed and the next resistance breached.
Bitcoin and Cryptocurrencies
Bitcoin’s price increase is bringing more liquidity, new investors, and risk appetite to the cryptocurrency markets. Therefore, we have witnessed that every bull market starts with its lead. It is likely to continue this way. While the king cryptocurrency now strives to surpass $42,000 to target new peaks, predicting the outcomes is not difficult.
With the increase in Bitcoin’s price, we’ll also see an expansion of altcoin rallies. Markus Thielen, head of research at Matrixport, recently said that Bitcoin’s price could exceed $60,000 by April. Looking at the performance over the last three months, this doesn’t seem like a far-fetched target anymore.
Bitcoin Price Prediction
Bitcoin’s price is advancing comfortably at levels where it should encounter significant resistance. This interesting rally could indicate that the bull season has already begun. Many investors still await a price rejection from a certain level and a subsequent drop below $30,000, but you should have experienced the same psychology in the opposite direction (downward) if you were in crypto in 2022.
After setting a trend and establishing its direction, Bitcoin’s price goes through intermediate corrections but continues to break through tough resistances (or supports during bear seasons). This process, resembling a repeat of events from previous years, does not surprise veteran investors.
The sharp rise in recent days has pushed the RSI into the overbought region. Normally, BTC‘s price cannot maintain high levels for long with such an inflated RSI. A balance with profit-taking is expected, but in exceptional cases (abnormal good/bad news flows), it can linger at the top or bottom, driving the price to extremes.
If we do not see a correction due to the RSI, Bitcoin could rise up to $48,000. Conversely, in the event of a correction, a close above $37,926 is important for returning to the old region. However, if this area is lost, it could fall to $36,500 or lower.
