Bitcoin Price Prediction – A Bitcoin Move Through to $48,500 Would Bring $50,000 into Play
After a bullish Thursday, it’s been a mixed morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 0.52% to $47,008.0.
A mixed morning saw Bitcoin fall to an early morning low $46,647.0 before finding support.
Steering clear of the of the first major support level at $44,818, Bitcoin rose to a late morning current day high $47,407.4.
Falling short of the first major resistance level at $47,887, however, Bitcoin slipped back to sub-$47,000 levels before finding support.
The Rest of the Pack
It has been a mixed morning for the broader crypto market.
Binance Coin was down by 0.57% through the morning to buck the broader market trend.
It’s been a bullish morning for the rest of the majors, however.
At the time of writing, Crypto.com Coin and Polkadot were up by 4.56% and by 4.82% respectively to lead the way.
Through the early hours, the crypto total market fell to an early morning low $1,986bn before rising to a high $2,019bn. At the time of writing, the total market cap stood at $2,008bn.
Bitcoin’s dominance rose to an early morning high 44.25% before falling to a low 43.95%. At the time of writing, Bitcoin’s dominance stood at 43.95%.
For the Afternoon Ahead
Bitcoin would need to avoid the $45,939 pivot to bring the first major resistance level at $47,887 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $47,500 levels.
Barring an extended crypto rally through the afternoon, resistance at $48,000 would likely leave Bitcoin short of the second major resistance level at $49,008.
In the event of an extended rally, however, Bitcoin could target $50,000 levels, however, before any pullback. The third major resistance level sits at $52,077.
A fall through the $45,939 pivot would bring the first major support level at $44,818 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level sits at $42,870.
Looking beyond the support and resistance levels, we saw a bullish cross this morning with the 50 EMA crossing through the 100 EMA. The 50 also pulled away from the 200 EMA providing support through the morning.
A further widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring resistance levels into play.
Bitcoin would need to move back through to $48,500 levels, however, to give the bulls a run at $50,000.
A fall through the pivot and support levels will come into play…