These Levels All Suggest Bitcoin Could Rally to $48,000 Before Peaking
“BTC: 2015 PF + two-year MA multiplier showing resistance confluence from 46k-48k. IF we get there, i’ll be selling spot into cash”
Bitcoin has seen some wild volatility throughout the past few days and weeks, with its rally reaching a boiling point this morning when bulls sent it flying up to highs of $40,000 before it faced an intense influx of selling pressure.
From here, the crypto slid to lows of $36,000 before the selling pressure subsided, and the cryptocurrency was able to rebound back above $39,000.
BTC now looks poised to see further upside, and it may only be a matter of time before it rallies towards $48,000 – according to one analyst.
At the time of writing, Bitcoin is trading up just under 5% at its current price of $38,600. This marks a notable decline from daily highs of $40,000 and marks a rebound from its recent lows of $36,000 that were set just a few days ago.
Where the market trends in the mid-term should depend on whether Bitcoin can maintain the upper-$30,000 as a support level and flip the $40,000 resistance.
One trader explained in a recent tweet that a confluence of factors suggests that a break above $40,000 is imminent.
He notes that these levels specifically point to an imminent move to somewhere between $46,000 and $48,000.
“BTC: 2015 PF + two-year MA multiplier showing resistance confluence from 46k-48k. IF we get there, i’ll be selling spot into cash”
Unless Bitcoin establishes $40,000 as a local top, there’s a strong possibility that it will see further upside in the coming few days.
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