BTCUSD → How fast will the BITCOIN reach 50K and then what?

9 בדצמ׳ 2023

BTCUSD continues to rally. At a time when many were waiting for a correction from 40K, the flagship is strengthening to the next level and preparing for a further breakout.



Fundamentally, bitcoin is backed by quite strong factors. Basically, the entire surge of interest is triggered by the influx of applications for the spot BTC-ETF. With each passing day, the market is getting signals of further strengthening fundamentals, both in terms of the underlying fundamentals and by getting closer to the date when the SEC will make a decisive move:

• U.S. regulators are becoming more loyal to ETF approval
  
• SEC and funds are moving on to key technical details in the discussion
  
• The expected Fed rate cuts are also favorable to flagging capital inflows based on fundamental fundamentals.
  
• capital inflows based on fundamentals. etc.
  

BTC is currently forming a local level of 44490. False breakdown does not lead to a strong fall, the coin continues to form a pre-breakdown consolidation. Another retest of resistance will lead to a breakout and further growth towards the upper boundary of the range.



Based on the clusters, in BTC, an important resistance area is located around the $47360 level, while the 37K level is an area of significant support.
From a technical perspective, strong support is at 38K and the key resistance delimiting this range is 48.2K.
It is worth paying attention to the local resistance zone at 44500. The price temporarily stops in front of the level, but the potential is still strong enough to continue rising. A breakout and consolidation above the level will give good bullish leverage.

Support levels: 42900, 20600
Resistance levels: 44500, 48234, 51000

Technically and fundamentally bitcoin shows excellent bullish potential. Therefore, we expect the growth to continue after the breakthrough of the mentioned level. And the approval of BTC-ETF dispute requests will give an inflow of huge potential and capital into the crypto market.

Regards R. Linda!

9 בדצמ׳ 2023

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