Key Takeaways
Bitcoin broke $48,000 after a bullish upward move today.
The technicals point to a target of $52,000.
Still, BTC must first overcome resistance at $50,000.
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Bitcoin has kicked off Q4 with a bang after surging by more than 15% in the last 36 hours. BTC has breached the $45,000 resistance level, which means higher highs could be on the horizon.
Bitcoin Enters Rally
Bitcoin is breaking out. The leading crypto asset broke $48,000 earlier today and appears to be heading toward $52,000.
BTC recently endured a consolidation period that lasted more than six weeks. The price charts show that the asset developed a falling wedge throughout the stagnation phase, beginning Aug. 19. However, the beginning of the final quarter of the year may have encouraged investors to buy in.
The sudden spike in buying pressure has completely stopped the downtrend and pushed Bitcoin above the wedge’s upper trendline, leading to a trend reversal. Given the recent breakout, higher highs are possible.
The measurement of the height of the wedge’s y-axis suggests that Bitcoin is primed for a 15.5% upswing. Such a bullish target would give BTC a market value of just under $52,000.
Source: TradingView
Bitcoin’s price history shows that $50,000 is a psychological resistance barrier. It has failed to break the barrier or trended down after hitting $50,000 throughout this year. Due to the importance that market participants put on this benchmark, a decisive close above the level would be a strong sign that BTC is poised for further upside.
After $50,000, the next key level is the wedge’s target at $52,000. Further buying pressure could push BTC toward the next crucial resistance barrier at $54,400. A break of that price point could potentially lead to a continuation of the uptrend toward $100,000.
Still, a rejection of the $50,000 could see BTC dip to $45,000.
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