According to the latest technical analysis on the 4-hour time charts, the price of Bitcoin (BTC) has seen significant moves since early November.
Starting from $35,000 on November 15, Bitcoin reached levels close to $38,000, consolidating between 35,000 and 37,200.
However, in late November and early December, a bullish breakout was observed, taking the cryptocurrency to reach $44,000.
This price level acted as a significant barrier, showing a strong selling zone between $44,000 and $44,700.
Which triggered a correction towards $40,700, where some accumulation was detected at the moment.
Recently, Bitcoin again sought highs near $43,000, but found selling at slightly lower levels.
The current price of Bitcoin (BTC) stands at $42,350, showing a slight positive variation from 0.16% in the last day, according to official data from CoinMarketCap.
However, over the last week, the cryptocurrency has experienced a 3% decrease, reflecting a sales trend in the short term.
Looking more broadly, the data shows an impressive growth of 17.17% in the last month, highlighting the significant momentum that the digital currency has maintained over the course of that period.
Technical analysis, such as Fibonacci levels, suggest the possibility of looking for higher levels, exceeding $44,000 and in view of the next economic news about the asset, even, according to some more optimistic experts, we could see Bitcoin in the next years exceeding 80,000 and up to 100,000 or 150,000 dollars.
However, several factors can influence this dynamic.
SEC approval or reform of ETFs before January 10, 2024 could have a considerable impact, given the interest of large companies and institutional investors in the Bitcoin market.
In addition, the next Bitcoin halving, in approximately 128 days, will halve the rewards for miners, when the height of block reaches 840,000, which has historically influenced the price of BTC.
However, there are concerns related with possible regulatory problems and a possible recession in the United States, which could reverse the upward trend and make Bitcoin look for support levels between $41,500 and $42,000 or even retreat towards $38,000.
On the other hand, many analysts predict that the event of a recession in the United States, could result in a search for a safe haven asset in bitcoin for large and small investors in the world of finances, just as happens with assets like Gold in past cases in history.
In conclusion, the Bitcoin price outlook is promising, but is subject to a number of external and internal factors that could influence your address.
Investors should be cautious and consider both technical and fundamental aspects when making decisions in this volatile market.
Technical charts courtesy of TradingView.
Disclaimer: The opinions expressed do not constitute investment advice.If you wish to make a purchase or investment, we recommend that you always make your research.
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