Bitcoin (BTC/USD) price has now had 7 consecutive weeks of uptrend. While some analysts are anticipating a pullback, many are still rooting for the price to surge above $40,000. To avoid getting caught in fake moves and market manipulation, let’s analyze the BTC chart in a high timeframe.
On a weekly timeframe, BTC to USD price is up 134% in 2023. This strong surge comes after a 64% drop in 2022 amid a lot of FUD and bankruptcies of the crypto companies. This is not only a remarkable comeback but also established Bitcoin’s position as a financial asset.
The next year’s Bitcoin halving and the potential approval of a spot Bitcoin ETF are the major driving factors behind the ongoing crypto rally. According to Bloomberg analysts, there is a 90% chance of ETF approval in January 2024.
The following chart gives a very bullish Bitcoin price prediction. The next major resistance currently lies at the $45,800 level. However, after a strong rally, the indicators like the Relative Strength index need to be reset.
There is a strong bearish divergence on RSI, and MFI is screaming for a pullback. However, the positive news keeps on pushing the price upward. In case of a pullback, the $28.5l-$32.5k needs to be held for bullish continuation.
