Bitcoin Price Prediction: BTC/USD Pushes toward $44k as Uptrend Kicks Off
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Bitcoin Price Prediction – December 27
The Bitcoin price has been facing some mixed price action in recent days, with the crypto seeing multiple strong uptrends and selloffs.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $48,000, $50,000, $52,000
Support Levels: $38,500, $36,500, $34,500
At the time of writing, BTC/USD is trading up just above 1.54% at its current price of $43,237, which marks a notable surge from recent lows of $42,167 that were set in the early hours of today. However, the king coin’s strength is showing few signs of degrading, with bulls aggressively buying each dip as bears struggle to gain any momentum.
Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)
The Bitcoin price is trading up marginally at its current price of $43,237. Although this marks a meaningful climb from the opening price of $43,323, it is important to note that this seems to mark a bull-favoring if it breaks above the 9-day and 21-day moving averages.
Meanwhile, if the 9-day MA crosses above the 21-day MA, a sustainable move toward the upper boundary of the channel may locate the potential resistance of $46,000, reaching this may allow for an extended recovery towards $48,000, $50,000, and $52,000. On the contrary, any bearish movement below the lower boundary of the channel may force the Bitcoin price to hit the supports at $38,500, $36,500, and $34,500.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price should recover above the 9-day and 21-day moving averages to mitigate any short-term bearish pressure and allow for an extended recovery toward $44,000. A higher resistance may be found at $45,000 and above.
In contrast, the nearest support is located at $42,000, and a sustainable move below the lower boundary of the channel may increase the downside pressure and push the price toward the support level of $41,500 and below. Considering that the 9-day MA hovering below the 21-day MA, traders might expect that sellers may return to the market.
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