Bitcoin Price Surpasses Its Original Target Of $48,000

The price of Bitcoin (BTC) is rising steadily and is approaching its target price of 48,000 US dollars. The price of the cryptocurrency is rising and reaching a series of higher highs.

Long-term forecast for the Bitcoin price: bullish

The Bitcoin price rose to a high of $47,281 on January 8. Also on January 9 and 10, buyers drove Bitcoin to the $48,000 resistance area. The price of the cryptocurrency was pushed back, although it reached highs of $47,897 and $47,751. The candlesticks on January 9 and 10 showed long wicks after the coin was rejected. The wicks of the candle at the $48,000 resistance level show strong selling pressure. The largest cryptocurrency is worth $46,027 at the time of writing

Bitcoin can go much higher if it pulls back above the 21-day SMA. The price of the cryptocurrency is trying to move to the target price level but is fluctuating below the barrier at the high of $47,000. If the current resistance is broken, Bitcoin will rise above its high of $48,000. The bullish momentum is expected to peak at around $50,000.

Bitcoin indicator display

The price bars have been consistently above the 21-day SMA, which is why Bitcoin has been rising. Bitcoin may rise due to the 21-day SMA support. On the other hand, if the price of the cryptocurrency falls below the 21-day SMA, it becomes less valuable. In addition, the upward moving average lines show that the current uptrend is in place.

Technical indicators:

Resistance levels – $35,000 and $40,000

Support levels – $30,000 and $25,000

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is in a clear uptrend and is moving towards the current barrier area. The uptrend has paused since January 8 around the $47,000 high. The largest cryptocurrency is trading above the 21-day SMA but below the $47,000 mark, suggesting that further gains are on the cards. Another sign of strong buying pressure is the long tail of the candle above the 21-day SMA support.

Coinidol.com reported previously that Bitcoin price was recovered back above the 21-day SMA or $43,000 support after a price dip on January 3. Bitcoin dropped by $40,383 on January 3 as a result of the market decline. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.