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The most important level for the Bitcoin bulls right now is the $44,609 support region on the 4-hour timeframe.
This region previously served as a major resistance against the Bitcoin bulls in the past and it successfully stopped every rally that tried to break through it for months in a row.
That confirms its validity and importance to the Bitcoin price. But now that Bitcoin has broken through it and is trading above it, the question traders should be asking is
Can the Bitcoin bulls hold on to this $44,609 key support region in the coming days?
We already saw the price try to break below it and fail once, but what can we expect next in the coming days?
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Bitcoin Bullish Price Scenario
For the Bitcoin price to remain bullish for days/weeks, there is only one price scenario that must play out. And that price scenario involves Bitcoin holding on to and respecting the $44,609 key support on the 4-hour timeframe.
It is a must for Bitcoin to stay above $44,609 to remain bullish, a break back below this key region will only convert this key support back to being a major resistance region against the price. And that could be the end of this Bitcoin rally.
In simple straightforward terms: the Bitcoin bulls need to hold on to this $44,609 level at all costs if we really want to see the price rally that has started continue.
How High Do We Expect Price To Rally Up To?
The next key level for Bitcoin is the $51,320 resistance region on the 4-hour timeframe.
This price region has served as a major level for the Bitcoin price in the past and there is a very high probability it might continue to play that role in the future.
There is a very high probability that the Bitcoin bulls might face stiff resistance once it gets up to this $51,320 key region.
A rally like this would be a 10% surge in the value of Bitcoin. And this bullish move can play out any time from now. But for this bullish prediction to remain valid the Bitcoin $44,609 key support must hold.
That is the only way for this Bitcoin bullish price scenario to play out.
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