After Bitcoin’s quick rally to $47k, a few days for consolidation was not unexpected. The price has mostly been stuck between $47k and $48k for a while now, with occasional dips to the $46k region. However, it seems that Bitcoin could soon take off to $50k as a pattern has been forming on the 1-hour BTC chart. But this could also translate to a correction if the bullish trendline breaks and we move towards $45k.
Bitcoin could soon take off to $50k
Bitcoin is finding support in the $46.5k-$47k range multiple times. This is good because, in case of a reversal from $50k, we would know that this level will hold for us to move back up. The $48.2k support is going to be difficult to break as there have already been multiple tries and unsuccessful attempts.
As you can see from the 1-hour chart of Bitcoin, a channel has been forming, and it could lead to an upside move with a substantial volume. We could see a breakout in the next 12-hours or so. A move towards the $48.2k level now will probably push BTC out of the lower highs trendline. At the same time, we could propel towards $49k-$50k quite fast. The bullish trendline also suggests that $46.5k-$46.8k could be the bottom. And since we have tested it multiple times, it is expected to hold.
Altcoins
Unless Bitcoin breaks below this pattern and we move down considerably, we can expect altcoins to rally. They have already been rising even though BTC is stuck at this level. And this is generally the case. When Bitcoin rises, alts rise too, but when BTC is stuck at resistance on the uptrend, Alts pump better.
I don’t think we are going to retest much lower levels, so even for altcoins, this could be the bottom for this bull cycle. If you are thinking about investing in any project, it might be a great time now. Solana has already been pumping and is now at $120, while Uniswap has finally crossed $12.
Do you think Bitcoin could soon take off to $50k with a pattern forming? And if yes, are you planning on making an entry in any projects? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Crypto regulation needs a lot more work, says IMF
