Bitcoin (BTC) Uptrend Continues: Will $50,000 Be Hit Ahead of ETF Decision?

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The Bitcoin spot ETF approval deadline is January 10th. BTC prices continued to rise yesterday.

Today, Bitcoin topped $47,000 for the first time since March 2022. Will it continue to rise to $50,000?

Bitcoin rises above $47,000

The weekly time frame chart shows that BTC price has increased since the beginning of the year. Today’s uptrend reached a high of $47,248.

The uptrend has taken the price above the 0.5 Fibonacci retracement support and is close to reaching the 0.618 Fibonacci level, which coincides with the horizontal resistance zone.

This is the final area of resistance before the all-time high.

Traders use RSI as a momentum indicator to assess whether the market is overbought or oversold and whether to accumulate or sell assets.

BTC/USDT Weekly Chart | Source: TradingView

If the RSI is above 50 and sloping upward, bulls still have the advantage, but if the RSI is below 50, the opposite is true.

While the weekly RSI is rising, it has also produced a bearish divergence, although it has not yet been confirmed (green).

What do analysts say?

Cryptocurrency analysts are optimistic about Bitcoin’s future trends.

Bluntz Capital uses Elliott Wave Theory to predict that BTC’s upward trend will continue and could reach at least $50,000. Technical analysts use Elliott Wave Theory to determine trend direction by studying long-term price patterns and investor psychology.

BTC/USDT 4-hour chart | Source: X

Analyst John Brown has an interesting take on what will happen if the ETF is approved. He tweeted:

“ETFs will put Bitcoin into the basket of many people who have never been exposed to Bitcoin before. They will go from enemies to allies.”

Mad Money host and notorious trading expert Jim Cramer believes that BTC prices will peak soon.

Finally, Daan Encryption Record The price of a large selling wall on Binance is around $48,000.

BTC Price Prediction: Will it Hit $50,000?

Technical analysis on the two-day time frame suggests that prices will continue to rise for some time before peaking. This is due to the number of waves.

The most likely wave number shows BTC nearing the top of the third wave (white) in a five-wave upward move. The number of sub-waves is in black, indicating that BTC is also in the fifth and final sub-wave.

The most likely target to complete the move is between $50,300 and $51,300. Discover the target:

The ratio between the first wave and the third wave is 1:1.61
2.61 External Fib Retracement Level for Wave 4 (Black)
horizontal resistance zone

The target is about 9% above current prices. Bitcoin could top out when it reaches this level due to the confluence of multiple resistance levels.

BTC/USDT 2-day chart | Source: TradingView

Despite this bullish forecast, a break below the wave three (red) high of $44,700 would mean that the price has peaked. Subsequently, BTC may drop 13% to the previous channel resistance line at $41,000.

You can check coin prices here.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.