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June 14, 2024
PI Global Investments

Bitcoin Price Could Hit $50K in the Next 7-Days If This Happens

Cryptocurrency analyst AM Crypto predicts a significant upward move for Bitcoin, with a potential target of $52,000 in the next seven days. The analyst encourages and explains the technical indicators supporting this bullish outlook.

Analyzing the daily chart, the analyst notes that Bitcoin is below the 50-day moving average, typically considered a bearish signal. However, they anticipate a short-lived decline, with potential support around $41,000 to $42,000 before a rebound.

The analyst observes positive signs in shorter time frames, such as the 30-minute and one-hour charts, including higher lows and stochastic RSI and MACD indications that suggest a potential upward movement.

What Next For Bitcoin Price?

The expert pointed out that a few days ago, when Bitcoin crossed the $43,372 mark, they expected its price to rise quickly. Looking at the hourly chart, they saw some positive signs compared to other time frames. The stochastic RSI showed an upward trend, and there was a technical signal called a bullish divergence. 

However, the expected positive effect of this divergence hadn’t happened yet, as Bitcoin’s price remained below $43,000. The price seemed to be slowly going up, and for this trend to continue, it needed to stay above a certain line on the chart, pending further confirmation.

The analysis also considers key resistance levels, particularly at $42,800, and highlights the importance of breaking these levels for a sustained move higher. The analyst noted that the overall trend remains upward, with a potential breakout toward $52,000.

Factors contributing to this bullish scenario include historical patterns where Bitcoin tends to rally after consolidating for an extended period. Additionally, the imbalance in liquidity on the monthly chart suggests a potential move toward $52,000. The analysis concludes with a reminder of the potential for surprise moves in the cryptocurrency market and advises caution. 

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