The price of Bitcoin (BTC) reaches highs every year
Bitcoin (BTC) price hit a new yearly high of $44,490 on December 5th.
The high was made above the most important long-term resistance area, but the price of BTC still could not be reached above it.
Bitcoin has reached a long-term resistance level
The weekly time frame chart shows that Bitcoin price has risen rapidly since mid-October, creating several bullish weekly candles.
This week, the price of Bitcoin hit a new yearly high of $44,490. The high is formed in a critical horizontal and Fib resistance area.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell the asset.
A reading above 50 and an upward trend indicates that bulls still have an advantage, while readings below 50 indicate the opposite.
The weekly RSI is rising and is above 50, both positive signs. The current reading of 80 was last seen in November 2020 (green), just before BTC's current all-time high.
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What do traders say?
Cryptocurrency traders and analysts on X disagree about future BTC trends.
Blutz Capital is bullish due to Elliott Wave numbers. Technical analysts use the Elliott Wave (EW) theory to identify recurring long-term price patterns and investor psychology to help them determine the direction of the trend.
Bluntz said:
“All I see are warnings about people taking profits and pulling back 10-15%. This leg will not be ready for how long it will extend from 36k.”
Rect Capital doesn't believe so. You've seen a huge difference between BTC price movements before this halving and when the price was corrected before the halving in 2015 and 2019.
For BeInCrypto's exclusive comments, legal analyst and hedge fund manager James Koutoulas says he's seeing echoes of the 2017 bull market.
This is due to a few reasons. Weak hands caught up in the crypto winter, the Securities and Exchange Commission (SEC) bankruptcy and the recent approval of the spot BTC ETF.
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BTC Price Prediction: Could Rally Reach $50,000?
The most likely EW count indicates that BTC price is approaching the peak of wave three in a five-wave upward movement (white). Wave three is extended, and the sub-wave is shown in black.
The high-level target for wave three is $47,600, which is 10% higher than the current price. Combining subwaves one and three gives us our target for subwave five.
After that BTC price correction wave four may start.
Despite this BTC price prediction, closing below the $43,000 level means that the correction has already begun. As a result, the price of BTC may decrease by 12%, reaching the $38,000 support.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
