Bitcoin, the top-performing cryptocurrency, is up 4.73% on Saturday, reversing a 0.82% loss from last Friday, and currently trading at $48,747 with a 0.56% loss in the previous 24 hours.
The USD exchange rate for one Bitcoin had been relatively become stable on December 7th, after the recent crash on December 4th. The BTC Price hit the mark of $51,900. But it didn’t sustain for long, and the price dipped to $46,942 on December 10th. At the time of writing, BTC is currently trading at $48,747.
If we look at the 1Day Price chart, Bitcoin started the day at $49,338 and then moved towards $50,599 at 10:19 AM. However, the price is hovering around $48,000 and $50,000. But currently, the price is down and is trading at $48,747.
Bitcoin completed a vital task on Sunday, as it broke through the first significant resistance level at $49263. Although the recent pullback from $41,000 has left a bit more room for bearish momentum in Bitcoin’s price action–a sustained fall through 62% FIB would still be required to create an ongoing downtrend.
BTC Price Prediction
It’s easy to get caught up in the moment and overlook potentially viable patterns. While looking at the price chart, we noted that there might be an increase due to Double Bottom Pattern ( bullish pattern ).
Looking at the RSI indicator, the trend line supports the Relative Strength Index. The triple MA in the 4-hour chart shows that the green line is still below the yellow line. The price of Bitcoin is following a descending channel pattern that has been in place for quite some time now. It’s likely to continue going down in the short term.
However, In the long term, Analysts predict that the coin could reach $100K by 2023.
According to Kate Waltman (New York Based Certified Public Accountant),
“The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner,”
While Kiana Danial (Founder of Invest Diva) Says,
“What I expect from Bitcoin is volatility [in the] short-term and growth [in the] long-term,.”
Note: Don’t take these predictions as investment advice. Always do your research before investing.
