Wednesday, December 7, 2022

Bitcoin Price Prediction: BTC Price Targets $52,000 Inside Ascending Channel – CoinGape

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Bitcoin price extends the previous session’s gains albeit in limited price action. BTC remains pressured below the critical 200-day EMA (Exponential Moving Average) at $44,700. Investors seek much clarity and conviction to continue moving forward.

  • Bitcoin limits the gain on Saturday but trades with a positive bias.
  • The price advances towards $52,000 while consolidating inside ascending channel.
  • BTC price traded highest since March 2 near $45,000.

As of publication time, BTC/USD trades at $44,510, up 0.41% for the day.

The world’s largest and most famous cryptocurrency by market cap holds the 24-hour trading volume at $28,886,050,152 as per the CoinMarketCap.

Bitcoin price attempts to trade higher

Source: Trading view

On the daily chart, the Bitcoin price trades cautiously higher. However, the recent price remains pressured below the 200-EMA. The strong volumes with rising in price signaled the strength of the bullish momentum.

An acceptance above the mentioned moving average will seek the immediate target at the upper trend line of the channel at $48,000.

In addition to that, the sustained buying pressure will take out the psychological $52,000 next.

On the contrary, if the price fails to sustain the session’s low then it will resist the upside momentum. On moving down, the first downside target could be found at the 50-day EMA at $41,200.

Bitcoin price depreciated nearly 50% from the record highs made in November at $69,000. The price tested lows of $32,933.33 in January. Since then price is rising inside the ‘ascending’ channel. The price faces rejection near the 200-EMA, thus it is crucial for bulls to move beyond the mentioned upside hurdles.

Technical indicators:

 RSI: The daily Relative Strength index trades above the average line. Currently, it reads at 62.

MACD: The Moving Average Convergence Divergence holds bullish momentum while reading above the midline.

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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