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The Bitcoin price exploded today, surging more than 7% in just hours. This rally is playing out exactly as we predicted in our previous Bitcoin analysis Bitcoin To $45k! Watch This Key Level and Pattern!
It also led to a small bull run in the Altcoin market, pushing the price of cryptocurrencies higher across the board.
In this End Of Day Analysis, we will be talking about the new $42k support and how it could give the Bitcoin price the push it needs to keep heading higher to the $50k region in the coming days.
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Bitcoin $42k Support!
The Bitcoin price just broke through a very key level in the 15 minutes timeframe and is currently ranging around it. The level we are talking about is Bitcoin’s previous highs of $42,517.
If the price can continue to respect this key level and trade above it, we might see Bitcoin rally higher to $57k in the coming days.
Bitcoin Bullish Prediction
For the Bitcoin bullish prediction, we want to see the price respect and continue to trade above the $42,517 support level. If this occurs, we see another price rally happen soon.
And this new rally could push Bitcoin into the $57k region very soon. A price rally like this would be really great for Bitcoin, ending the low volatility we have been experiencing in the crypto market.
Bitcoin Bearish Prediction!
A price break and close below the $42,517 support on the other hand could spell doom for Bitcoin. A bearish move back below this key support on the 15 minutes could push the Bitcoin price lower or cause the price to begin ranging again.
This makes it very important for the bulls to hold on to and respect the $42,517 support for the current crypto bull run to continue.
We are still very bullish on Bitcoin and believe that the price still has a lot of potentials to rally higher in the coming days. But for that to happen, Bitcoin bulls need to hold on to the $42,517 horizontal support level on the 15 minutes timeframe.
If this level holds, we might see the Bitcoin price become even more bullish in the coming days.
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