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In our previous analysis Is The Bitcoin Crash Over? Watch This Key Support. we talked about the $39,974 key support on the 4-hour timeframe and how this support could be the perfect level for bullish momentum to pick back up in the Bitcoin marekt.
Well, that bullish prediction played out exactly as we predicted, the Bitcoin price sold off to this $39,974 key level, rejected massively from it and rallied higher. But how long can we expect this bullish rally to last?
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Bitcoin Bullish Targets
The first target we are watching is the $52,838 resistance level on the 4-hour timeframe. We have seen the Bitcoin price get to this level and reject previously, if this level continues to hold there is a very high probability that we might see Bitcoin get to this $52,838 level ad reject again in the coming days.
However, if this price level breaks through, we might see a massive surge on the Bitcoin price very soon!
This makes the $52,838 price level the most important key resistance the Bitcoin bulls must breakthrough for the bull rally we are currently seeing play out continue.
Final Verdict!
The key level we are watching is the $52,838 resistance level. For the Bitcoin bulls to continue rallying higher, the price needs to breakthrough and close above this 4-hour resistance.
If price fails to breakthrough this key level, there is a very high probability that we might just see Bitcoin sell-off again soon!
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