Bitcoin, created excitement in the crypto arena by crossing the $50,000 milestone. BTC recorded one of its highest weekly gains, rising over 15% in the last seven days. In this context, it experienced a bounce similar to the rise in the 2021 bull run. Behind this rise, the BTC price tends to give clear bullish signals and reach higher levels by the end of 2024.
However, the bears don’t seem to have given up yet. Will the Bitcoin price not experience a pullback soon? Bitcoin hit new highs of $50,368 in early trading. This shows that market sentiments were extremely high ahead of the halving. Additionally, factors such as ETF launches and interest rate cuts are also supporting the rally. The current trading pattern suggests that the bulls are aiming to surpass current all-time highs in the coming months. This suggests that the crypto may continue to trend at higher levels.
BTC’s long-term outlook shows it to be extremely bullish, with efforts to break through the upper resistance of the expanding megaphone formation. Volume is increasing with buying pressure shifting in favor of the bulls. Therefore, BTC is expected to surpass these levels and surpass the intermediate resistance at $51,900. However, once a new milestone is achieved, the bulls are likely to show signs of exhaustion. This may cause the price to consolidate for a while.
The RSI has reached overbought levels, confirming bearish claims. However, the fact that the MACD is in an uptrend indicates that the bulls have significant dominance and could keep the price above an important support level. BTC remains in an uptrend in the long term and could reach $60,000 levels by the end of the first quarter. Even if the downtrend continues, BTC price could recover and reach $100,000 before the end of 2024.
