2024-02-09 17:38:31
Bullish signals are coming from everywhere regarding the exchange rate of bitcoin BTC Price, as evidenced by the fact that the price of the largest cryptocurrency exceeded $45,000 for the first time since January. At the time of writing, bitcoin has crossed $47,500. Many people feel that they have missed out on the purchase, but analysts say it is still not too late to buy some “digital gold”.
How Bullish Is Bitcoin Right Now?
Scott Melker – founder of The Wolf of all Street Podcast – guested by Dan, the Chart Man, i.e. Dan McDermitt. Founder and CEO of The Chart Guys said, he is optimistic about the outlook for the price of bitcoin, the $50,000 level also appears to be within reach, but expect a sideways move in the next two weeks based on the daily chart. McDermitt’s technical analysis highlighted that bitcoin hasn’t moved in such a tight range as it has in months, suggesting a high degree of volatility – but its direction is dubious. As it has since turned out, the bulls overcame the bears and pushed the price of bitcoin past the $45,000 level, which was called the key level at the time of the broadcast.
Optimism is caused not only by the easing of the macroeconomic situation and the upcoming Bitcoin halving, but also by the graph, where a rare buy signal emerged. McDermitt said that as long as the bulls can hold the 12-day exponential moving average — which is currently $43,900 — bitcoin could make new local lows, gradually moving closer to breaking past highs.
Bitcoin: Daily Chart, Moving Averages, RSI, Bitstamp, Source: Tradingview
Where can bitcoin go?
According to Dan McDermitt, the question for investors remains whether the bull volume will last or if there will be a consolidation in the next week and a half to two weeks. According to the analyst, the second half of February may be crucial in determining the probability of each scenario.
The previously mentioned 12-day exponential moving average can serve as a “nice cushion” for bullish investors, but at the same time, the downward trend of the market volume and the “overbought” (71/100) value of the RSI can cause a kind of correction. McDermitt recognized that the volume of Coinbase and ETFs in particular has been trending down over the past few weeks. The last time the RSI crossed the 70/100 level was a nearly 8% correction on December 10, 2023, which saw Bitcoin fall from $43,700 to $40,200 at the time.
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