Morale was high in the cryptocurrency market on the first business day of the new year. The expectation that the SEC will approve spot Bitcoin ETFs pushed the BTC price up. Thus, the leading cryptocurrency approached 46 thousand dollars after a long time. Amid these developments, an experienced crypto analyst says that BTC is preparing for another rally. In addition, another expert analyst makes a similar Bitcoin prediction.
Bluntz expects BTC to rise: The target is 48 thousand dollars!
cryptokoin.comAs you follow from , we did not experience a year-end rally despite expectations. However, on the first business day of the new year, bulls started to run in the market. Bitcoin bulls led the way in this too. Although there are analysts who expect a sharp decline, many analysts predict that BTC will continue on its way. The analyst nicknamed Bluntz, known for his accurate predictions, says that Bitcoin is consolidating in a triangle formation on the daily chart. The analyst shares a chart showing BTC breaking out of the formation and rising to around $48,000. In this context, Bluntz makes the following statement about his Bitcoin prediction:
There are many people waiting for BTC to fall. However, at the end of the day, the price is trending sideways and I see no reason to expect it to drop further unless $40,500 is lost. I think it will probably remain flat for a while and then rise.
By the way, it should be noted that Bitcoin has increased by over 6% in the last 24 hours. Bluntz says investors are starting to be bullish on BTC. Continuing his explanation for his Bitcoin prediction, the analyst said, “Absolutely incredible. The daily chart is taking shape and just like that, within 24 hours, it looks like all the bears have turned bullish again from what I can see from 10 minutes of feed scrolling. “It never ceases to amaze me how price movements affect sentiment over the course of 24 hours.” says.
Rekt Capital’s Bitcoin forecast is also bullish
Bluntz isn’t the only analyst bullish on Bitcoin. Another crypto analyst, Rekt Capital, also says that BTC is “in the process of exiting.” “Bitcoin revisited formation and much more,” the analyst said. BTC closed above the formation resistance on a daily basis to initiate the breakout process. “Any decline to the top of the formation will fully confirm the breakout.” says.
Meanwhile, at the time of writing, Bitcoin was trading at $45,342, gaining over 6% on a daily basis. Additionally, the leading cryptocurrency saw a 7.4% increase on its weekly chart. Besides, BTC is sitting on a profit of approximately 17% on its monthly chart. We will wait and see how accurate analysts’ Bitcoin prediction will be.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!