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July 24, 2024
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Bitcoin (BTC) Price Preparing to Reach $55,000 This Week if This Trade Plays Out Well!

The post Bitcoin (BTC) Price Preparing to Reach $55,000 This Week if This Trade Plays Out Well! appeared first on Coinpedia Fintech News

Bitcoin is trying to range a bit, which has induced the required momentum within the other altcoins as well. This can be considered preparation for the next impulsive move and a continuation towards higher levels. The BTC price usually indulges in an extended squeeze, which may elevate the levels above $57,000, which may shed some more profit. However, the price is trading within a bullish rectangle in the short term, making the $55,000 target feasible. 

The BTC price has marked a rise of over 40% from the yearly lows in less than two months and is just 30% away from the ATH. Therefore, the huge possibility of the price achieving fresh highs before the halving event in April may be expected with the ATH being extended beyond $75,000. However, to do so, the BTC price is required to hold some strength in the short term and rise above the threshold in the next few days. 

In the hourly chart, Bitcoin is trading within a parallel channel, with the price triggering a rebound from the lower support. The RSI has become bullish and hence the possibility of maintaining a healthy upswing could be pretty high. However, the volume also supports the bullish claim, which may keep the expectations of the traders higher in the coming days. 

Now that the halving is fast approaching, the token may gain acute bullish momentum very soon. Can the Bitcoin price make it to $55,000 this week?

Considering the historical chart patterns, one final pullback may be expected just before the halving, as it happened before. The price has reached the upper threshold, where the token faced a minor rejection during the previous halving. However, after the halving, the Bitcoin (BTC) price is believed to trigger a fresh bull run, which may be extended beyond $80,000 to $100,000.

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