The Bitcoin price cools down after an impressive rise – What can we expect now?

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Since the bottom was set at the end of November 2022, it has been a wonderful ride up for Bitcoin investors. The price has risen from $15,440 to $53,120, a modest 240% increase! And the great thing is that we are not yet at a new all-time high. Normally we could expect that later this year. What is the current current position and what can we expect now? Discuss that and more in today’s update!

Weekly chart

The Bitcoin price is currently at a local level, at $52,119. We took into account something of a temporary cooling down and that seems to be playing out nicely at the moment. Since we have closed above $49,054 on the weekly chart, it is expected that we will continue that upward trend soon. We are looking at a new all-time high above $69,138 and much higher. We cannot rule out that we will be able to reach $100,000 this year! That would be less than a 100% increase from here, not entirely impossible for a coin like Bitcoin. In the short term, I would like to see us hold at $49,054, but even if we were to drop back to the swing low at $38,531, there is nothing to worry about. Below that it can quickly become more annoying. A clear point of invalidation for the short and medium-term vision!

Daggrafiek

The daily chart clearly shows how the price has ended up in a range. This is positive for altcoins, because altcoins will then temporarily have more space. It is expected that Bitcoin will soon take over that initiative again, as soon as it breaks out of the range. I have drawn two scenarios that I find most obvious at the moment. Or push up from the current range or perhaps test back a little deeper, around $49,054. Either would be completely fine for the bullish thesis, as long as $49,054 is maintained.

4-hour chart

I don’t really see any great long opportunities at the moment, so I have outlined the two scenarios in which we can get into the best longs. Locally, look for the low at $50,430 one more time and if we show strength there, look for the long from there. The alternative is to test back a little lower, towards the 4-hour demand at $49,733, and start looking for the long from there. I am mainly long oriented as the trend is of course aggressively up!

Conclusion

In short, it is somewhat uncertain locally. Bitcoin is in consolidation and that is favorable for altcoins. As long as $49,054 is maintained, we do not have to look much lower and I am more looking at continuation of the trend and that is of course up! Looks very nice!

Disclaimer: The analyzes above are based on technical patterns and trends in the crypto market. It is critical to emphasize that this information is not intended as financial advice. Cryptocurrency investments inherently involve risk and are subject to volatility. Before making investment decisions, it is recommended that you do your own research, seek financial advice and only invest what you can afford to lose.

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