The price of Bitcoin is about to make its first weekly red candlestick closure after a long interval and must surpass the $44,000 mark. Even after parabolic rises, the price may experience weaker pullbacks. However, the current situation for BTC remains uncertain. We could even say that the price is at a decision-making stage for the upcoming few weeks.
Bitcoin (BTC) Weekly Closure
Cryptocurrency performance is directly linked to Bitcoin, and with the price consolidating above $42,000 for now, it helps some altcoins achieve significant gains. However, staying within a tight range for a long time could trigger losses in altcoins through profit-taking.
Bitcoin may have started to decline this week, but we must not forget that it rebounded from $40,000 and reclaimed the $42,000 level again. Therefore, whether this week’s candlestick will be bullish or bearish may remain uncertain until the last few hours. The RSI is above 50, indicating that buyers have not abandoned their defensive line. Moreover, the latest CoinShares report also points to a continuation of steady institutional net inflows.
BTC Price Prediction
Taking a quick look at popular analysts’ opinions, ShardiB was in favor of a continued rise due to a triple bottom pattern. TheScalpingPro highlighted two scenarios: First, the price continues to rise and reaches $48,000 without seeing a deep dip. In the second scenario, we could see a drop to $35,000. TheScalpingPro detailed the second scenario:
“The price locally peaked in the middle range and could drop to $35,000 before the next phase. We may see several tests and consolidation processes, but regardless of the scenario (probability 1 and 2), the general idea is that any dip is a buying opportunity.”
Analyst MooreCryptoNL also mentioned that due to Elliott wave counting, a new annual peak might come before December ends. Accordingly, we could see new peaks in altcoins in the next 15 days as well.
According to the most likely Elliott Wave count, Bitcoin’s price is in the third wave of a five-wave upward movement. The majority of altcoins’ wave counts indicate this, and if BTC fails to surpass $44,000 as the weekly closure approaches, we will generally see local bottoms during the corrective wave.
The potential peak target for the third wave is $47,600, with support levels at $38,000 and $33,000.
