Coin News

Bitcoin Price Prediction: This is Where BTC Price May Hit in the Next 24 to 48 Hours!

16 Aug, 20222 min readAnalytics
Bitcoin Price Prediction: This is Where BTC Price May Hit in the Next 24 to 48 Hours!

Bitcoin price is constantly forming multiple higher-highs and lows within an elevated channel that sparks an upswing close to $27,000. However, to reach these levels, the asset is required to break the current resistance which is pretty crucial. Therefore, the next 24 to 48 hours may turn the tables for the BTC price which may induce a significant strength in the asset.

The BTC price in recent times is trending within a pre-defined area for a pre-defined period followed by a breakout towards the next levels. Currently, the BTC price faced rejection at $25,000 for the second consecutive time and appears to have weakened the resistance.

Therefore, one last leg towards $23,000 is expected to inculcate a firm upswing beyond $26,800 in the coming days.

The major support is surrounded in green in the above chart, while the major resistance is painted in red. As the price rises and hits the upper resistance, a significant pullback may be expected close to the $23,300 support zone. A significant upswing may be expected only if the upper trendlines are broken with a high influx of buying volume.

However, if the price drops hard, it may find a strong base at the 200-day MA which collides with the lower support just below $23,000. The RSI which was incremental has slightly diverted below but it may stabilise notably at the earliest.

The initial resistance is around $26,900 which may be achieved by the end of the monthly trade, while the upper target remains beyond $28,200.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store