Tuesday, 5 December 2023

Crypto News

New BTC price breakouts see Bitcoin traders confirm targets up to $48K

New BTC price breakouts see Bitcoin traders confirm targets up to $48K

Bitcoin (BTC) has jumped to new 18-month highs — but holding its latest support is now key to avoid a “breakdown.”

BTC/USD 1-week chart. Source: TradingView

$35,000 decides Bitcoin range breakout validity

Data from Cointelegraph Markets Pro and TradingView shows BTC price gains continuing into Nov. 2.

BTC/USD hit $35,968 on Bitstamp after the daily close — its highest levels since May 2022 and beating last month’s local peak.

Now returning to test the mettle of $35,000 as support, Bitcoin is on the radar of market participants, some of whom are not discounting the possibility of a new BTC price dip.

In his latest update, popular analyst Mark Cullen suggested that $35,000 was the significant line in the sand to defend.

“Now the Bitcoin range has broken, its a little simpler. Either hold and push on up or break down and we likely lose the major $BTC uptrend in the short term,” he wrote on X, referring to the past week’s comparatively sideways trading landscape.

Cullen added that Bitcoin would need to close a 4-hour candle below the $35,000 mark to flip the mood.

“No reason to e bearish until BTC close an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity,” he said.

BTC/USD annotated chart. Source: Mark Cullen/X

Trader: $34,600 now “ideal downside target”

Also eyeing the low-timeframe range is trader and analyst Credible Crypto.

Like Cullen, he predicted a return lower before upside continued, trapping both late longs and shorts in the process and adding to liquidations.

On the day, he placed a zone around $34,600 as an “ideal downside target.”

“Shorts shorting into support with bids stacked waiting is usually a recipe for price to squeeze/revert back to the upside,” part of X commentary read.

BTC/USD annotated chart. Source: Credible Crypto/X

$48,000 BTC price post-halving?

As Cointelegraph reported, bearish BTC price predictions remained even as Bitcoin reclaimed and held $34,000 over the past week.

Related: 100%+ BTC price gains? Bitcoin faces ‘massively overvalued’ stocks

$20,000 was a popular choice, this strongly contrasting with the popular bullish consensus…

Click Here to Read the Full Original Article at Cointelegraph.com News…