Bitcoin price has reached a new daily peak of $43,559 at the time of writing and appears to be continuing its upward trend. We had mentioned that the $43,800 barrier would determine the short-term price performance today. If the upward momentum increases again, BTC could start a new rally that may extend up to $49,100.
Bitcoin Predictions
Readings on the weekly chart show that the BTC price has been correcting since the January peak. Although BTC has recovered slightly over the past two weeks after forming a weekly bearish candle during the peak week, it has not yet fully rebounded. The weekly RSI is indicating a downward trend, and we might see the Fed continue with statements that could dampen excessive optimism this week.
Popular crypto analyst CryptoMichNL predicts that the Bitcoin price will climb to $50,000 before a new downturn.
Fred Krueger suggests that the BTC price needs to reach its annual ATH level before the expected block reward halving in April.
“The GBTC selling pressure on BTC price has largely ended. The 1 billion coins from the Gemini sale will be returned, thus the market is neutral. On the other hand, accumulation continues; they have reached 175,000 coins worth 7.5 billion. This happened over 18 trading sessions. In the next 30 to 60 days, there will be 20 to 40 trading sessions. I bet this will trigger a new entry of 4-6 billion dollars.”
XForceGlobal believes that BTC must undergo a deep correction before reaching new highs.
Bitcoin Price Commentary
Two significant resistance zones stand out in the daily chart readings. These are at $43,600 and $44,800. The resistance is formed by the combination of Fibonacci retracement levels and a horizontal resistance area with the rising parallel channel trend line.
If the Bitcoin price cannot decisively break through this region and make strong closes above it, we may see a sharp decline to the nearest strong support area at $35,500. And after the last correction, a reversal in price direction could weaken the accumulated orders below $40,000.
Conversely, a breakout from the key resistance zone could trigger a rise up to $49,500.
