Bitcoin is moving up steadily, breaking all resistances as it goes. With $44,000 looking to become support, bitcoin bulls will have their eyes set on the prize of $48,000.
Bitcoin steamrollers resistance
Bitcoin is like a steamroller right now. Each new resistance is crushed with very little pause before the bitcoin juggernaut rolls right on through. The air must be getting more rarified at these levels though. Will bitcoin reach the $48,000 level and then go into a tailspin?
Source: Trading View
Looking at the very short term hourly time frame, it can be seen that bitcoin came up against the $44,000 resistance. But what did it do? It just formed a flag, broke out, and is now heading on its way again.
Will bitcoin have enough gas in the tank?
The question now is whether the momentum that bitcoin currently has will be enough to push the price all the way to the golden 0.618 fibonacci. Investors would be very brave to bet against this happening.
However, if and when it gets there, there is likely to be a lot of shorts waiting for it. That said, the level is so obvious for short bets that the market might have a little surprise in store, which could be that bitcoin pushes through $48,000 and perhaps even tags $50,000.
A wild ride
Whatever happens, this is an incredibly exciting time for cryptocurrency investors. Back at the beginning of 2023 very few would have predicted this wild ride from $15,600 up to the current $44,000 in the space of just less than a year.
Traders do need to be cautious though. The markets usually move in the direction that will inflict the most pain, and that will rinse as many out as possible. That said, Investors may well be in bitcoin for the long haul, and these ups and downs are just bumps and potholes on the road.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
