Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target
05 Gennaio 2024 - 1:00AM
NEWSBTC
As anticipation builds around the potential approval or rejection
of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US
Securities and Exchange Commission (SEC) on January 5, the Bitcoin
price has witnessed a notable 2.7% recovery in the past 24
hours. This development comes amidst growing speculation
about the patterns that could drive the Bitcoin price to reclaim
the highs lost during the bear market in 2022. Notably,
crypto analyst Ali Martinez has identified an ascending parallel
channel as the governing pattern behind the Bitcoin price action
since September 2023. Bitcoin Price Faces Crucial Test At $48,000
According to Ali Martinez’s analysis, Bitcoin prices have exhibited
a consistent pattern known as an ascending parallel channel.
This technical formation suggests that the BTC’s price has been
trading within the confines of a channel characterized by an upper
and lower boundary, as seen in the chart below. BTC could
experience further price movement within the defined boundaries if
the ascending parallel channel pattern holds. The price is
expected to advance toward the upper boundary, which currently
resides around $48,000. However, the Bitcoin price is anticipated
to face resistance at this level and retrace towards the lower
boundary at approximately $34,000. Following the retracement,
a rebound toward the upper boundary, potentially reaching around
$57,000, could be expected. Related Reading: Litecoin Bear Flag
Could Cause 41% Crash To This Level, Analyst Explains The upcoming
decision by the SEC regarding spot Bitcoin ETF applications adds a
layer of significance to Bitcoin’s price movement. The approval of
Bitcoin ETFs has been a subject of great interest within the
cryptocurrency community, as it can enhance liquidity and provide
greater legitimacy to the cryptocurrency market. While the
outcome of the SEC decision remains uncertain, the ascending
parallel channel pattern reveals a compelling technical perspective
that could impact Bitcoin’s price trajectory. Critical Moment For
BTC? Supporting the upside potential of the Bitcoin price in
Martinez’s analysis, crypto analyst Rekt Capital highlights the
importance of BTC’s ability to establish a strong support level at
$43,900. According to Rekt Capital’s analysis, Bitcoin is
exhibiting promising signs as it strives to reclaim the top of the
pattern at $43,900 as a support level. This level holds
importance in determining the cryptocurrency’s ability to sustain
upward momentum. Rekt Capital suggests that a daily candle close
above this resistance is essential for Bitcoin to make another
attempt at moving higher. Related Reading: XRP Price Gears Up For
‘Significant Upswing Soon’: Crypto Analyst The successful
establishment of $43,900 as a support level and a daily candle
close above this resistance would signify a positive development
for Bitcoin’s upside potential. It would indicate a renewed
bullish sentiment and potentially pave the way for further price
appreciation. However, failure to overcome this resistance level
and ending up as an upside wick could hinder Bitcoin’s ability to
sustain upward momentum in the short term. On Wednesday, Bitcoin
trades at $44,000, followed by a news-driven dip toward the $40,800
level. Featured image from Shutterstock, chart from
TradingView.com
Grafico Azioni Litecoin (COIN:LTCUSD)
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