Bitcoin’s mixed price action as of late hasn’t been explicitly bearish, despite its inability to gain any momentum.
Sentiment has been hit hard due to the speed at which sellers have faded each pump, but the crypto’s support in the lower-$30,000 region has held strong and is showing no signs of budging anytime soon.
One analyst is now optimistic on BTC’s near-term outlook, noting that it could soon see a swift move up to $46,000 if bulls can post a bullish kumo breakout over the coming week.
At the time of writing, Bitcoin is trading up just under 2% at its current price of $33,600. This does mark a slight decline from its overnight highs of $34,800.
Despite not being able to break the resistance at $35,000, it is important to note that each dip has been aggressively bought, suggesting that bulls are building strength.
So long as $30,000 remains a bedrock support level for the cryptocurrency, the likelihood of Bitcoin seeing further upside remains quite high.
He is pointing to $46,000 as a near-term upside target that could come about in the coming few days and weeks.
“4h BTC: I like our chances at 46k if we can get a bullish kumo breakout over the next week,” he said while pointing to the below chart.
Unless bulls lose their positioning and allow for a dip to, or below, $30,000, there’s a strong possibility that upside is imminent.