The pioneer cryptocurrency, Bitcoin, has struggled to carry above the $43,000 worth mark over the previous few weeks. The final seven days haven’t been a lot completely different for the cryptocurrency, which at present trades beneath $42,000.
Nonetheless, a preferred crypto analyst on the X platform has come ahead with an attention-grabbing trajectory for the value of BTC within the coming weeks. Primarily based on his projection, traders may see the market chief commerce above the psychological $50,000 stage – however there’s a caveat.
BTC Value To $50,000 – However What Occurs After?
In a latest submit on X, outstanding crypto dealer Ali Martinez put ahead a worth prediction, stating that Bitcoin’s worth may climb as excessive as $50,000 within the close to future. The analyst got here up with this projection after figuring out and finding out a historic sample on the coin’s worth chart on the next timeframe.
Martinez’s prediction is predicated on BTC’s worth motion between 2016 and 2019 on the weekly chart. Based on the crypto analyst’s submit, the premier cryptocurrency witnessed a serious worth correction – after reaching a market backside – when it touched the 0.786 Fibonacci retracement stage.
A weekly chart displaying Bitcoin's worth motion between 2016 -2023 | Supply: Ali_charts/X
Martinez believes that present worth motion mirrors the Bitcoin sample noticed within the final years of the earlier decade. Historic worth patterns could be useful in technical evaluation and in predicting the long run trajectory of a cryptocurrency.
If this historical past – on the Bitcoin worth chart – does repeat itself, traders may see the worth of BTC surge towards $50,000. Nonetheless, Ali Martinez famous that the flagship cryptocurrency may come tumbling down afterward by a big 40%.
From the present worth level, Bitcoin’s journey to $50,000 would imply an nearly 20% upward swing. In the meantime, a 40% decline proper after this surge may see the premier cryptocurrency return to round $30,000.
Bitcoin Value Overview
As of this writing, the worth of Bitcoin stands at $41,831, representing a 1.5% worth decline previously 24 hours. This latest dip solely additional displays the bearish stress the market chief has needed to face previously week.
Based on information from CoinGecko, the Bitcoin worth is down by almost 4% within the final seven days. Nonetheless, the cryptocurrency has had a reasonably profitable December, having elevated by about 10% within the final month of 2023.
BTC has had among the finest worth performances this yr, hovering by an excellent 150% since January. Consequently, Bitcoin retains its spot as the biggest cryptocurrency within the sector, with a market capitalization of roughly $823 billion.
Bitcoin worth continues to maneuver sideways on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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