This is Why Bitcoin (BTC) Price is Primed To Hit $58K In Coming Weeks

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The price of bitcoin has been rising for the past week. The rally that began on Monday continued throughout the week, with the digital asset ultimately breaking above $47,000 for the first time in three months. Since then, speculation has proliferated in the sector as to how long such a rebound may persist. As a result, measurements such as exchange inflows and outflows will be used by investors to evaluate whether they are buying or selling.

In the case of bitcoin, the odds are in favor of a long-term uptrend. On-chain data suggests that outflows continue to outnumber inflows by a substantial margin.

Bitcoin Price Analysis

At the time of writing, the BTC price is $46,707.62. The next resistance level is near $47,000, A clear break above this level could signal the start of a significant uptrend. The price may rise to the $48,000 resistance level in the scenario above. Further, A possible intermediate resistance level is near $49,250. The extended rally could push the BTC Price To Hit the $50,000 mark.

On the flip side, If BTC Price fails to break through the $47,000 resistance level, it may begin a new decline. On the downside, there is immediate support near the $46,200 level. However, if the correction extends The next major support level is seen near $45,800.

BTC Price to hit $58K?

A well-known cryptocurrency analyst and trader is revealing what he believes could catapult Bitcoin (BTC) to his $58,000 target.

Cheds, a pseudonymous trader, thinks Bitcoin looks bullish after breaking out of an ascending triangle formation in a new strategy session. 

He explains that you have $46,000 in your account. The higher low structure is yours. You now have an ascending triangle. The ascending triangle is typically a bullish continuation pattern, and this is the most natural way to look at it like a bull… The height of the triangle would be the measured move. It brings us up to $56,000 to $58,000.

While Cheds is bullish on Bitcoin, he advises traders to keep a close eye on the 200-day moving average, which is functioning as resistance at the moment.

Market participants should also keep an eye on how Bitcoin trades in the next few days, according to the researcher. He claims that bulls must protect BTC’s immediate support or risk a sell-off.

“Below $45,000, we’re in serious trouble. That’s the bottom line from everything I know and have studied….”

A flashback is a technical term that refers to an asset’s tendency to return to its breakout point in an attempt to turn past resistance into support.

Cheds believes Bitcoin is just one resistance away from unleashing a 26 percent rebound from current prices if bulls can keep it over $45,000.