Bitcoin crosses $40,000, now $51,000 is in sight

Bitcoin (BTC) has shown nice price movements. The following analysis from our premium environment examines the effects of these developments and offers a look into the future.

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Technical analysis of Bitcoin price (BTC).

A new Bitcoin analysis has been published in the premium section of Crypto Insiders. Analysts examined recent market movements and came to the following conclusions:

“We have reached a milestone with Bitcoin breaking the $40,000 mark again. This is a significant moment as it not only marks a psychological threshold but also represents a technical confirmation of the strength of the current trend.

According to our analysis, Bitcoin is following an upward pattern of the 12345 Elliott wave and this gives us a glimpse of what could lie ahead. We are eagerly awaiting another rise towards $51,000, which would mark the end of wave 3. The invalidity limit is $25,000 and that is the point at which we need to rethink our strategy.

An important signal that we cannot ignore is the falling RSI. This is an indicator that we should not ignore as it could indicate overbought conditions and possible fatigue in the current upward move. We are watching this closely as it could give us insight into when momentum begins to slow.”

Date of analysis: December 4th. Link to trading view:

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Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences. These therefore serve exclusively educational purposes.

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