BTC’s Indicators Continue to Signal Bullish; Will Bitcoin Break Beyond $50K?

With the Fear and Greed Index showing extreme greed signals, BTC is moving closer to the $45,000 mark as level traders and analysts are keenly observing its momentum. Bitcoin is currently priced at $43,858.22 after experiencing a surge of 5.17% in 24 hours. At the time of writing, the king of cryptocurrencies was able to record a 15.27% spike after continuously experiencing surges daily.

Santiment, a market intelligence platform, reported that BTC has reached the $44K mark today. Moreover, the platform highlighted, “The amount of existing 100+ BTC wallets have correlated tightly with this price climb.” Looking at the chart provided by Santiment, it highlights that by early to mid-November BTC whale wallets shrank; however, the prices continued to rise.

The market intelligence platform pointed out that 48 of the whale wallets have returned in the past 4 weeks as BTC has maintained steady growth, crossing several resistance levels. Some analysts predict that $44K or $45K won’t be the last stop that BTC could achieve. In fact, few analysts have observed the monthly BTC chart showing similar sentiment to its past and may touch the $50K threshold soon before the halving event.

#BTC 15% More & then correct to Touch 21 EMA:

51K-52K then correct. Save this post pic.twitter.com/iq1iKxmPAi

— EGRAG CRYPTO (@egragcrypto) December 5, 2023

Looking at the BTCUSD 1-Day chart, the green candlesticks formed broke through several resistance levels. Additionally, the Ichimoku indicator shows a completely positive signal. For instance, the candlesticks are trading about the green cloud signal, which confirms an uptrend in the market.

BTC/USD 1-Day chart (Source: TradingView)

Meanwhile, the green candlesticks continued to form, which increased the distance from the baseline, which is another bullish signal. Although the conversion line and baseline touched in the past, they fortunately never crossed. Had they crossed, it could have been a frightening bearish signal.

Currently, the conversion line still maintains a distance from the baseline, further affirming that the bull trend prevails. With the extreme greed market sentiment and continued bull trend confirmations, BTC has the potential to easily surge more than 2% and break above $45,000.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source