Bitcoin price is back above USD 47,000 today and that is a good sign. Analysts say that this opens the way for a rapid price increase towards $50,000.
Bitcoin Price May See Rapid Recovery Above $50K
The USD 47,000 barrier served as a crucial resistance level before breaking today. The fact that this level has now been broken is therefore seen as a very positive sign. However, it is very important to maintain this level and not to close below this level.
The $47K barrier was fiercely defended by the bears yesterday, but the bulls have finally gained the upper hand. This caused the Bitcoin price to rise out of a multi-day bearish channel. This seems to lead to a nice price increase.
In the chart below from the twitter analyst Rack capital can be seen that BTC has broken out of the downward channel. The analyst writes the following about this breakthrough:
“BTC has broken along both diagonals. At this stage, it is important for BTC’s 4-hour candle to close above the dashed trendline to confirm the break behind it.”
Other analysts are pointing to other very bullish-looking technical patterns. Analyst Pentoshi has spotted a Bullish Engulfing candle. This could, according to the analysts, cause the Bitcoin price to see a rapid recovery towards $50,500.