WILL BITCOIN GET BACK ABOVE $50,000? (prediction and target)
Snipers, you have to see what’s happening
to the Bitcoin price this Saturday is we
have a bullish daily continuation candle
from yesterday that took us above
the previous weekly open in all daily
moving averages, with our resistance at 49
700 and our support now at 47 240
from our previous weekly open.
This is an extremely important move
forward Bitcoin to assume whether or not
we’re gonna be able to break this local
high here at 48 800,
because if we are able to move above this
level now, we can test 49 700
and potentially get
ourselves back above 50 $0.
But until we start to see some real volume
come in, remember,
the path of least resistance is always
going to be sideways
to a little bit higher.
And so we want to start looking
at the smaller timeframes.
But since we are above the 50 day,
102 hundred day moving average
and the monthly and weekly open,
this is an extremely important move
that we need to start dissecting to talk
about whether or not we’re starting to see
institutional participation in the market.
We go inside of the six hour chart.
Notice how we’ve yet to see the buy volume
equate to the amount of sell pressure
that we saw on the 6 September that took
us below 50 $0 and we saw a 19% drop.
We saw a lot of sell pressure here.
We’ve yet to really see that type of buy
volume, but we are starting to see
the ground fertile with buyers here
with retail traders buying this range
here between 41, 950 and 49 700.
We finally saw a little bit of some
by pressure history which allowed Bitcoin
to get above this previous weekly open.
And now that we’re starting to head
towards 49 700, that is gonna be the major
resistance that we need
to monitor for Bitcoin.
It is the weekend.
So we have to take everything
with a grain of salt.
And at this point we’ve failed to form
any highs above our local highs here.
And so this is currently a puzzle piece,
but we’re already here.
And so that tells me that the likelihood
of us being able to test 49
700 is certainly on the table.
So the main thing to realize we’ve yet
to see real volume,
and there’s not many hints that we are
getting that institutions are necessarily
participating with all of their capital.
I guess you can say we’re just starting
to see retail participation and some
slight institutional participation
allowing the price to come
to these higher price levels.
But what we really want to monitor coming
in to the next 24 to 48 hours is how is
this previous weekly over a 47 240
gonna gold as a support level?
Because if this level breaks,
44,800 comes back on the table.
But up until that point,
49,700 is the next destination
for Bitcoin, knowing the fact that we now
can act as a support level here at 47 240.
And so that’s really what
I’m monitoring here.
I think that Bitcoin is in a tight range
in the past, we’ve seen Bitcoin flirt
above 47, 240, and it’s
actually seen some downside.
But we’ve also seen Bitcoin flirt
at this level and see some upside.
And so I think that it
could really go both ways.
It’s really a 50 50 at this point.
And we really want to monitor
this range at 47, 240 and 49,700.
We know that we’ve yet
to see some real volume.
And so I think that’s the biggest
thing to keep in mind here.
And with this move to the upside,
we’re also starting to see Bitcoin
dominance increase, which is
in line with our thesis that we are
in the early stages of a reversal
for Bitcoin dominance.
Now, I do want to address the weekly chart
just because we have these,
you know, two major moving averages,
the 20 week and 50 week showing
confluence in between 38,041, 950.
We’ve come and tested the 20 week twice,
and we’ve held the 20 week moving average.
And so that’s a very positive thing,
Wen you’re above the 20 week moving
average or in a bullish trend.
Now, what we really want to see in a more
macro point of view is for Bitcoin
to cross above the high here of 52,920
to assume a more macro bullish breakout.
I think if we can get above
this $52,920 level,
the likelihood of Bitcoin potentially
coming to test its previous all time high
or maybe even seen you all time
high becomes a lot likely.
That’s a more macro perspective if
we’re able to get to that point.
But remember, 49,700, of course,
is gonna be the major level to watch first
as a roadblock before we can
see that type of price action.
And of course, it’s the weekend.
So everything is manipulated on the
weekend due to spy futures being close.
We have to take things
with a grain of salt.
But with this move to the upside,
the theory of Bitcoin chart is not
necessarily performing in an extravagant
causing the Ethereum the US dollar price
to also kind of stop at this
previous weekly open 33 28.
And so I think that Bitcoin
can get about 49,700.
The likely of Ethereum getting
above 34 54 becomes highly likely.
And remember, we do have this market
structural resistance as sell that is
possibly going to act as
a roadblock here for Ethereum.
But I don’t know if we’re going
to see the outperform Bitcoin.
And I think that that’s a huge puzzle
piece for the rest of the altcoin market.
The Total Cryptocurrency Market Cap chart.
This is pretty important because we
came up and formed a lower high so far.
And now you can see we bounced at the 200
day moving average retesting this
previous weekly open as well.
Bitcoin Ethereum and the total market cap
pretty much at the previous weekly open.
That’s the major area we want to watch
right now because if we’re not able to see
some continued strength from these levels,
then that could open up
some more downside targets.
And so with the total cryptocurrency
market cap chart, we can get above two,
two, five, 9 trillion.
That assumes Bitcoin gets about 49, 700.
Now we can start changing the storyline
and talk about some potentially new all
time highs here for the total market.
And Bitcoin dominance is certainly
starting to make some noise here testing
this 50 day moving average
for the first time in quite a while.
Last time we were here was August.
That was following the period
that we saw Bitcoin top out in May.
We got above the 50 day moving average.
Remember, Bitcoin dominance will tend to
move up when there’s fear in the market.
And so now that we’re back at this 50 day
moving average, we really
want to monitor this area.
If we can get above this 50 day moving
average, the likelihood that we can get
above the 20 week moving average,
I think becomes highly probable and that’s
currently sitting at 45% dominance
and that would be a huge deal if we can
get above the 20 ETH movie out because we
have not gotten above this level since
the start of this altcoin season
from the start of this year.
So we’ve only rejected this level.
The DXY, of course, has already gotten
above the 20 week moving average.
We’re not going to look
at that because it’s Saturday.
Those traditional markets are closed,
but it looks like our thesis
with Altcoins are still intact.
Now we look at the altcoins
outside of Bitcoin and Ethereum.
We’re actually sitting at this
50 day moving average.
We’ve yet to form you highs as well.
This is also going to be a very important
piece to the puzzle after we see Bitcoin
make its move either above 49,
700 or below the $47,240 level we have
the previous weekly open we want to see.
Is this chart on see
some downside or upside?
Of course, because if this starts to move
down, that assumes that the altcoins
outside of Bitcoin and Ethereum are
not gonna be performing as much.
Of course, there’s always
those isolated cases.
I know Axi Infinity has
been pumping recently.
There’s a lot of use case
for that platform in the Philippines
and fundamentally sound projects
tend to always do well.
But Ethereum Dom is actually performing
worse than other altcoins is actually
below 50 day moving average,
and that is a leading indicator
for other all coins as well.
Just some food for thought.
So very interesting time.
I think it’s very nice to see
Bitcoin back towards 49,700.
That’s a very positive thing.
Even if we see downside,
we’re at least buying ourselves some
opportunities to sell
a lower intensity of movement ETH downside
since we are able to move
sideways in this range.
If we do see some downside pressure now we
have a lot of road blocks to the downside
that could hold Bitcoin
price for a longer time.
And so I think that that’s
a very positive thing.
But just remember, the DXY did
close above a major resistance set.
It hasn’t closed above in quite a while.
And so coming into the weekend,
this is a major puzzle piece along
with the SMP 500 closing below this 100
day moving average actually closed
at the 100 day moving edge, but the body,
the candles pretty much completely
below the 100 day moving average.
And that’s the first time we’ve seen this
happen for the Spy 500 and
certainly over a year.
But quite a while that we’ve seen any
closes below this one day moving or
the last time we saw that was
actually October of 2020.
It’s gold to be interesting to see how
traditional markets open up,
sell definitely cover that, as we
always do here in the Cypress Channel.
But just know the puzzle pieces aren’t
the best for Bitcoin upside prediction.
You know, the puzzle pieces for the
tuition markets just don’t look gold.
Which is why I think we have
to take this with a grain of salt.
But remember, as I mentioned,
I think the biggest thing we have
to realize is between 47,240 and 49,700.
Bitcoin has been here before
and when it’s been here before.
We’ve seen Bitcoin move above 49,007 meme.
We’ve also seen Bitcoin move
below 40,000 from this range.
And so this is two different
scenarios that could play out.
We’re back at this area,
sell a 50 50 at this point.
So thank you all for tuning
in to the Snipers channel this Saturday.
I hope you enjoyed today’s analysis.
Remember to smash like one for the YouTube
algorithm and until next
time, snipers out.