In our previous Bitcoin analysis “The Bitcoin Price Prediction Everyone Missed! Buy Now?“, we made a Bitcoin price prediction and gave a likely profit target that has successfully been met. However, the big question now is “what next for the Bitcoin Price?”
In this Bitcoin analysis, we will be talking about the key levels currently coming into play on the Bitcoin chart and what it means for the price in the coming days.’
Bitcoin Surge To $48k?
With the bulls successfully breaking through the expanding channel, Bitcoin now has the potential to keep on surging higher to the $48k price region in the coming days. This $48k price region is the traditional target for a breakout of the expanding channel pattern.
However, for this bullish scenario to play out, the Bitcoin bulls must hold one key horizontal support level, the $34,653 price level.
This price level has served as a strong price resistance in the past and might come into play again in the coming days but this time it would serve as support to the bull trend.
No matter what price scenario the Bitcoin price decides to follow, the cryptocurrency will remain bullish for both the short and long term provided that the $34,653 price level holds.
However, if the $34,653 price level gives way, then there is a high probability that we might see a deeper retracement to at least the base of the expanding channel before finding support or breaking through.
We also created a video below where we talked more in debt about the key levels developing on the Bitcoin chat and how it might play out, as well as fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With