Bitcoin’s price remains stagnant despite the Fed’s slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns and FTX’s token performance, boost sentiment. Traders are eagerly awaiting the approval of BlackRock’s ETF, a potential catalyst for Bitcoin surpassing $50,000 by year-end. Technically, Bitcoin is in an upward channel, suggesting bullish momentum unless it violates this pattern.
BTCUSD – D1 Timeframe (BEFORE & NOW)
In my article dated 10th of October, I detailed my reasons for expecting a decline in BTC prices, followed by a surge from a technical point-of-view. The chart above shows the outcome of that analysis, which confirms to a large extent the degree of accuracy in such articles as this. So, follow me closely as I expound on my expectations for BTCUSD in the coming days.
BTCUSD – W1 Timeframe
Currently, on the 4-hour timeframe, BTCUSD is trading within a bullish channel, and seems poised to break out of the trendline resistance. This already signifies the likelihood of a bullish outcome. From a larger perspective, we also see that a head-and-shoulder pattern appears to be in formation on the weekly timeframe chart, as attached. This being the case means that we may get to see BTCUSD prices soar all the way to the $45,000 mark. Do note, however, that this is my personal opinion on the matter and not financial advice.
Analyst’s Expectations:
- Direction: Bullish
- Target: $45,000
- Invalidation: $36,280
CONCLUSION
Trading CFDs comes at a risk. To succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
