Breaking Above $50K Would See BTC Head Towards New ATH: Analyst

Crypto Banter YouTube channel host Sheldon The Sniper thinks the Bitcoin price has reached a significant level. Sheldon believes that by climbing to $49,048, according to TradingView data, Bitcoin entered the $50,000 resistance zone, and a break above that level would see the flagship cryptocurrency racing towards new all-time highs (ATH).

Major Bitcoin Level! ⚠️ My Altcoins Targets Are SHOCKING! https://t.co/v2WjTGSbzh

— Sheldon The Sniper (@Sheldon_Sniper) January 12, 2024

In a recently uploaded video, Sheldon noted a bullish sentiment in the cryptocurrency ecosystem. However, he anticipates a price pullback that could see Bitcoin drop towards $40,000, followed by alternating up and down price movements over a certain period before continuing upwards.

Sheldon explained that the expected volatility that could see Bitcoin prices alternating up and down does not signify a classic bearish trend. Instead, he described it as a “movement of money” between Bitcoin and altcoins. Sheldon cited the ETH/BTC chart and altcoins, which appear more bullish than the BTC/USD chart, in his analysis.

Focusing on the BTC/USD weekly chart on TradingView, Sheldon explained that a bearish close at the end of the week could signal a possible high timeframe reversal. However, he noted that the current chart formation connotes existing bullish momentum that is sustainable if the downward push gets rejected like in previous times.

The renowned analyst believes many Bitcoin users want to see the flagship crypto break above the current ATH before the Bitcoin halving event. Hence, he thinks the support region around $44,000 could significantly affect how the BTC price unfolds in the coming days.

Sheldon showed the dominant momentum in the Bitcoin market as the upward trendline from the $30,000 level, citing its coincidence with the support at the $44,000 price region. He noted that until the BTC price falls below that trendline, the bullish momentum will remain intact, and the price will aim for higher levels.

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