Bitcoin (BTC) Price Analysis – Will We Break Above $48,300?

2:20 pm, Mon, 4 October 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below $48,000 and is looking quite bullish in the immediate short term. As mentioned in our previous price analysis, BTC has been moving sideways for a couple of days now and could break above $48,300 in the coming hours. Bitcoin is also holding the support around $47,300 nicely, which is a good sign.

Bitcoin (BTC) Price Analysis 2021-10-04

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Analyzing the Charts

If we take a look at the 15-minute charts, we can see that Bitcoin is looking quite bullish in the immediate short term. We can identify a double bottom structure here and can expect a breakout in the next few hours.

Bitcoin Price Analysis 2021-10-04

If this structure does play out, we can expect the price to break above the resistance at $48300 and rally towards our next target of $50,500.

On the other hand, we can also see that Bitcoin is forming a bullish pennant on the 1-hour timeframe and is currently breaking out of it.

BTC Price Analysis 2021-10-04

Once we get above our current resistance, the next level we will have to conquer is the $50,500 mark.

Bitcoin (BTC) Price Analysis 2021-10-04

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is currently looking bullish on the shorter timeframes, and we can expect a move towards the upside soon. Once BTC manages to get above the resistance at $48,300 and stays above it, we will be interested in putting a long trade on BTC.

However, if we fail to break above in the next few hours, we might come to retest the support at $47,300 once again.

BTC Price Analysis 2021-10-04

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