Bitcoin Price Prediction – Bulls Back in Control and Eyeing a Return to $53,000

After a bullish Wednesday for Bitcoin and the broader market, it’s been a bullish morning for Bitcoin and the broader crypto market. At the time of writing, Bitcoin, BTC to USD, was up by 2.28% to $49,937.0. A mixed morning saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.

Steering clear of the first major support level at $47,229, Bitcoin rallied to a late morning intraday high $50,350.0. Bitcoin broke through the first major resistance level at $49,778 to revisit $50,000 for the first time since 23rd August.

Falling short of the 23.6% FIB of $50,473, however, Bitcoin slipped back to sub-$50,000 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market. At the time of writing, Polkadot was down by 4.00% to lead the way down, with Ethereum (-2.11%) also bucking the morning trend.It was a bullish day for the rest of the majors, however. Through the morning, Cardano’s ADA and Crypto.com Coin led the way, rallying by 6.06% and by 5.46% respectively.

Litecoin (+3.02%) and Ripple’s XRP (+3.10%) also found strong support, while Binance Coin (+0.17%), Bitcoin Cash SV (+0.61%), and Chainlink (+0.04%) trailed.

Through the early hours, the crypto total market cap fell to an early morning low $2,185bn before rising to a high $2,234bn. At the time of writing, the total market cap stood at $2,228bn.

Bitcoin’s dominance fell to an early morning low 41.76% before rising to a high 42.39%. At the time of writing, Bitcoin’s dominance stood at 42.15%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $49,778 to bring the second major resistance level at $50,733 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $53,282.

Leave a Comment