Bitcoin Playing Out As Predicted. Will The $51,937 Support Hold?

1:54 pm, Tue, 23 March 21

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Bitcoin analysis. Will The $51,937 Support Hold?
Image from last price prediction showing the BTC/USD pair on the 1-hour timeframe

The Bitcoin bearish scenario from our previous analysis History About To Repeat. Bitcoin To $100k? is playing out as we predicted.

However, Bitcoin is still very much in the bullish territory and this current sell-off we are witnessing is just a historical price repetition we made mention in the previous analysis.

Bitcoin analysis. Will The $51,937 Support Hold?
Image from last price prediction showing the BTC/USD pair on the 1-hour timeframe

The Bitcoin price is currently testing this $51,937 support and is still holding strong as we speak. If this support continues to hold, we can expect to see a price surge as we saw previously occur on the Bitcoin chart.

Bitcoin Playing Out As Predicted. Will The $51,937 Support Hold?
Bitcoin price testing the $51,937 support on the 1-hour timeframe

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Bullish Price Scenario

Bitcoin bullish price prediction on the 1-hour timeframe

For the bullish price scenario, we need to see the Bitcoin price break above the $58,274 resistance level. This breakout would signify that the Bitcoin bullish momentum has returned and we can expect to see the bulls continue to push Bitcoin higher in the coming days.

Bitcoin Playing Out As Predicted. Will The $51,937 Support Hold?
Bitcoin bullish price prediction on the 1-hour timeframe

However, if Bitcoin is unable to break through this $58,274 resistance, we can expect to see the largest cryptocurrency in the world continue to range and trade sideways in between the $51,937 support and the $58,274 resistance.

Bitcoin analysis on the 1-hour timeframe

For The Bearish Scenario

Bitcoin bearish price prediction on the 1-hour timeframe

For our bias to become bearish, we need to see a price break and close below the $51,937 support region. This support break could lead to a larger Bitcoin sell-off to as low as the $45,000 price region.

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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chart as well as key fundamental factors that might affect the Bitcoin price in the coming days.

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