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The Bitcoin price is trading at a key support level in the 15 minutes timeframe. This $48k price support is very important for the Bitcoin bulls as it also serves as a key level on the 4-hour timeframe.
As far as the price continues to trade above this support level, we can expect to see more bullish momentum and rally play out in Bitcoin. This is exactly what we predicted in our previous analysis Bitcoin Is Ready To Rally To $51k! Watch This Ascending Channel.
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What Next For Bitcoin? Rally To $51k
Bitcoin is playing out as we expect with the $48k support holding on the 15 minutes timeframe. If this level continues to hold, Bitcoin has a very high probability of rallying higher in the coming days.
This makes it very important for the Bitcoin bulls to hold on to this key support level at all costs come next week. If the price breaks below this support, we might see a massive dump in the Bitcoin price soon!
Bitcoin Bearish Prediction!
For the Bitcoin bearish prediction, the key level we are watching is the $48k support. A price break below this support provides us a bearish confirmation and opens up a potential dump in the coming days.
This dump has the ability to push the Bitcoin price back down to the $46,676 support region or even lower, ending the current bullish rally in Bitcoin.
Final Verdict!
Bitcoin is still very bullish but currently trading at the $48k key level. If this support level is respected, we can expect to see Bitcoin find support and rally higher in the coming days.
This rally has a very high probability of pushing the value of the cryptocurrency higher into the $51k level soon!!
The most important question now is can the Bitcoin bulls hold the $48k support or should we expect a price crash soon?
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