Bitcoin Price to Retest $48000 As Bullish Pattern Hints End of Correction

30.01.2024

Bitcoin, the leading cryptocurrency, entered the new week with a solid bullish outlook with an intraday of 2.6% and currently trading at $43158. This uptick has surpassed last week’s high, the period which creates wide market concern of a potential downfall. A look at the daily time frame shows the Bitcoin price reversal has also developed into a bullish reversal pattern, suggesting the correction phase is over and the market might trigger another push.

Bullish Reversal Pattern Set BTC For a Quick 10% Jump

The Bitcoin price sustainability above 38.2% Fibonacci retracement level reflects the larger trend remains positive
A bullish breakout from the inverted head and shoulder pattern brings a long opportunity for pullback traders
The intraday trading volume in Bitcoin is $19.6 Billion, indicating a 25% gain.

Bitcoin Price| TradingView Chart

With the slowdown in the Grayscale Bitcoin trust outflow, Bitcoin resurfaces above the critical $40K mark and hints at a bullish trend ahead. Starting the week on a positive note, the BTC price records a weekly growth of 11% and trades at $43030.

Amid this recovery, the coin price displays a quick turnaround in the market sentiments with the support of price action in a shorter time frame. With an inverted head and shoulders pattern breakout in the 4H chart, the breakout rally projects a bigger leap.

Further, with the rising inflow in alternative Spot ETFs like BlackRock’s or Fidelity’s, the Bitcoin price eyes a strong bullish note to start February.

For additional confirmation, the sideline traders can wait for the neckline breakout rally to cross the 50% retracement level of the correction trend at $43560. This breakout of the overhead supply ceiling will increase the likelihood of a bull run.

Can Bitcoin Price Regain $49000?

With the bullish breakout of the inverted head and shoulder, buyers are anticipating a strong trend in Bitcoin. The Post-breakout rally could target the $47000 mark at a 10% surge, followed by a rechallenge to a $49000 swing high.

Exponential Moving Average(4 hour): The recent jump above the crucial EMAs(20, 50, 100, and 200) offers additional support for buyers to sustain currency recovery
Moving Average Directional Index(daily): A bullish crossover between the MACD and signal line reflects the short-term sentiment has turned bullish.