The deadline for approving the Bitcoin (BTC) Exchange-Traded Fund (ETF) is January 10. The BTC price began an upward movement yesterday. Today, Bitcoin moved above $47,000 for the first time since March 2022. Can it continue to $50,000?
Bitcoin Moves Above $47,000
The weekly time frame chart shows that the BTC price has increased since the start of the year. The upward movement led to a high of $47,248 today. The upward movement took the price above the 0.5 Fib retracement support level and close to the 0.618 one, coinciding with a horizontal resistance area. This is the final resistance area before the all-time high.
What Do the Analysts Say?
Cryptocurrency traders and analysts have a bullish outlook on the future BTC trend. Bluntz Capital uses Elliott Wave theory to predict the BTC price upward movement will continue to at least $50,000. Technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction by studying recurring long-term price patterns and investor psychology.
Cryptocurrency trader John Brown had an interesting take on the unlikely union the upcoming ETF will create. He tweeted: “ETFs will put Bitcoin into the baskets of many people that had no exposure before. They will turn from enemies to allies.”
Jim Cramer, the host of Mad Money and notorious trading guru believes the BTC price will reach a peak soon.
Finally, Daan Crypto noted a large sell wall around $48,000 in Binance.
BTC Price Prediction: Will $50,000 be Reached?
The 2-day time frame technical analysis suggests the price will continue increasing for a while before reaching the top. This is because of the wave count. The most likely wave count suggests that BTC is nearing the top of wave three in a five-wave upward movement (white). The sub-wave count is in black, showing that BTC is also in the fifth and final sub-wave. The most likely target for the completion of the upward movement is between $50,300-$51,300.
Despite this bullish BTC price prediction, a fall below the sub-wave three high (red) at $44,700 will mean the price has reached the top. Then, BTC could fall 13% to the previous channel’s resistance trend line at $41,000.
Hot Take: Bitcoin Surges Above $47,000 with Potential for $50,000
Bitcoin has experienced a significant surge in price, breaking above $47,000 for the first time in months. Analysts are optimistic about the future trend of BTC, with some predicting a continued upward movement towards $50,000. The upcoming ETF approval deadline adds further excitement to the market, as it is expected to bring new investors into Bitcoin. However, there are also potential resistance levels and bearish divergence to consider. Despite this, many traders and experts remain bullish on Bitcoin’s prospects. As the market continues to evolve, it will be interesting to see if Bitcoin can reach its target of $50,000 and beyond.
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