Bitcoin (BTC) Price Analysis – Will We Break Above $48,300?

Published: October 4, 2021|Last updated: October 4, 2021

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below $48,000 and is looking quite bullish in the immediate short term. As mentioned in our previous price analysis, BTC has been moving sideways for a couple of days now and could break above $48,300 in the coming hours. Bitcoin is also holding the support around $47,300 nicely, which is a good sign.

ByBit allows you to leverage trade Bitcoin; by signing up with our link and making your first deposit, you can receive up to a $600 bonus! (Bonus may vary based on deposit amount)

Score Up to $30,050 on Bybit – Just for Trading

Start Trading

Analyzing the Charts

If we take a look at the 15-minute charts, we can see that Bitcoin is looking quite bullish in the immediate short term. We can identify a double bottom structure here and can expect a breakout in the next few hours.

If this structure does play out, we can expect the price to break above the resistance at $48300 and rally towards our next target of $50,500.

On the other hand, we can also see that Bitcoin is forming a bullish pennant on the 1-hour timeframe and is currently breaking out of it.

Once we get above our current resistance, the next level we will have to conquer is the $50,500 mark.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is currently looking bullish on the shorter timeframes, and we can expect a move towards the upside soon. Once BTC manages to get above the resistance at $48,300 and stays above it, we will be interested in putting a long trade on BTC.

However, if we fail to break above in the next few hours, we might come to retest the support at $47,300 once again.

Margin Trading for Beginners

If you are interested in trading Bitcoin with leverage, you can go through our Margin Trading Guide to get familiar with this concept. You can also check our list of best crypto exchanges to choose the platform that best suits your needs.

PrimeXBT Covesting: Copy Trading

Sign up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” with our link.

Start Trading

The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more