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Bitcoin (BTC) has started to ride the recent bull market wave and rise with further gains after weeks of sluggishness, with crypto analysts forecasting more potential gains for the leading cryptocurrency asset in the coming days.
Bitcoin will see a correction after climbing to $45,000
A cryptocurrency expert from Cheeky Crypto has made a bold prediction for Bitcoin. The analyst revealed his recent projections during one of the latest episodes of Cheeky Crypto on Youtube.
His predictions came in light of Bitcoin price closing on a positive note on Wednesday, outpacing the altcoin market as a whole. At the start of the new trading day, BTC price broke above the consolidation level, signaling that the bulls have returned to the forefront.
Cheeky Crypto analyst's latest analysis looks at Bitcoin's current trading range. In the analysis, the expert talked about a potential upward surge that would take BTC to $45,000.
He defined the current leg as a continuation pattern and predicted that once the range ended, there would be a breakout to the upside. The analyst mentioned that volume profiles were down across the market, which made him believe that the price would increase up to $45,000.
However, he believes that a notable correction will occur after BTC reached the aforementioned price level. Meanwhile, considering the positioning on the Stochastic Relative Strength Index (RSI), it expects a further decline to $30,000.
He highlighted that there is resistance at the exponential moving average (EMA) of 50 and support at the simple moving average (SMA) of 50 for BTC's current trading range. If the 50 EMA is breached, Bitcoin could retest the 50 EMA, and the 200 EMA would provide additional support.
Additionally, the analyst looked at a series of indications throughout the hourly, daily and weekly time frames. He noted key support levels, resistance levels, and indicators to inspect for potential market changes and dynamics, like the RSI and Stochastic RSI.
BTC Price Surpasses $44,000, Targets $45,000
Amid the recent bullish rally in the crypto market, the price of Bitcoin rose by over $44,000. This is the first time this month that the crypto asset has reached this level, suggesting a market recovery.
The recent surge has generated a rather positive sentiment across the entire crypto space. It is believed that this increase could be due to anticipation around the Ethereum Spot ETF and BTC ETF choice. However, compared to last month, trend levels remain low, indicating that caution is warranted.
At the time of writing, the price of Bitcoin is up more than 4% in the past 24 hours, trading at $44,704. Additionally, its market capitalization and trading volume increased by over 4% and 47% over the past day.
Featured image from iStock, chart from Tradingview.com
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