Bitcoin (BTC) sparked a new frenzy recently after briefly surpassing the $40,000 resistance level for the first time since April 2022, marking the obvious high for 2023. With this trend, it is possible to get caught up in FOMO – Fear of Missing Out – and top market analyst Ali Martinez shared two important BTC levels to keep an eye on.
At the time of writing, BTC is worth $41,511.85, up 5.11% in the last 24 hours, and reached $32,083,399,386, a 102% increase in trading volume. According to Martinez’s chart, the next most important price that Bitcoin will likely surpass is $47,360. Although Bitcoin’s current outlook suggests that a retest of this price level is possible in the medium to long term, analysts are viewing the $37,000 price zone as the next important support zone to watch. named.
#Bitcoin | The most important resistance area for $BTC is at $47,360, while $37,000 has now become a significant support zone! pic.twitter.com/0OpN2ZMo9e
— Ali (@ali_charts) December 4, 2023
NEWS CONTINUES BELOW
Bitcoin’s growth so far this year has been eclectic, jumping from around $16,663 at the beginning of the year. The year-to-date (YTD) gain of more than 150% has helped it change its narrative to a small extent. If the coin manages to surpass the $47,360 level now, as Martinez suggested, Bitcoin could eventually rise above $50,000.
Is It Possible for Bitcoin to Reach $50,000?
While Bitcoin’s all-time high is pegged at $68,789.63, it is possible to retest the $50,000 resistance level and beyond considering that the coin has achieved this feat before.
While mainstream institutional investor interest in Bitcoin remains high, as evidenced by MicroStrategy’s consistent holdings, the possibility of the SEC approving a Bitcoin Spot Exchange Traded Fund (ETF) product is the big move the coin needs to chart an ambitious price increase. will reveal capital. For now, BTC has shown that it can surprise investors with impressive price maneuvers while in stealth mode.