Market analyst CRYPTOHELL predicts that Bitcoin has the potential to hit between $44,000 to $47,300 based on Fibonacci levels. Factors such as the spot ETF possible approval and long-term holders accumulating further support the projection.
Long-term holders continue to accumulate, thus backing the projection.reach $50,000 by the end of the year?” This is one question that many holders of the king coin may have asked themselves considering how the price action has fared in the last few weeks.Coupled with Standard Chartered’s earlier prediction in the year, it is not out of place to reminisce about the potential.
But is BTC showing any signs of inching closer to the aforementioned price point? Market analyst CRYPTOHELL, who publishes hisAccording to CRYPTOHELL, Bitcoin has theto hit between $44,000 to $47,300. The analyst arrived at this conclusion by looking at the Fibonacci levels. This indicator provides benchmarks for price movement. It can also be vital in showing where a coin price is likely to reach or if it will reverse.
For the analyst, Bitcoin could hit the 0.0786-0.886 Fibonacci levels. Typically, if BTC hits the 0.786 or 0.886 Fib level, it means the coin has had solid support at 0.618. Therefore, a breakout is likely, and considering the current value, BTC may rise above $40,000.
However, at press time, the metric had decreased significantly to 0.59. This drop implies that there has been more accumulation. Coupled with the current ETF narrative, accumulation could drive another BTC price increase.A look at the Exponential Moving Average showed that the coin’s consolidation is not destined to last for long. At the time of writing, the 20 EMA had crossed over the 50 EMA .$35,000 first. If the EMAs remain the same, then the coin may approach $40,000.
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