The Question is: How Far Bitcoin can Rise?Amidst prevalent market fears of a significant Bitcoin price drop, today's analysis aims to delve into the price perspective and probabilities for a substantial decline. Our focus on the 3D chart draws attention to the critical 30k psychological supply zone, convincingly breached by buyers amidst heavy buying pressure. This initial breakthrough presents an immensely bullish signal for the BTCUSDT pair.
What's paramount is the observation since November 2022, with Bitcoin's movement confined within an ascending channel. This week witnessed a breakthrough above the channel's upper boundary, further validating positive price action for Bitcoin.
As a result, we anticipate BTC to sustain its upside rally before a substantial corrective move downward. The immediate and robust resistance level to monitor lies around the $47.2k area, historically known as a significant supply and demand zone during 2021-2022. Presently, it stands as a double Fibonacci resistance zone, likely to magnetize the price.
This analysis points to a persistently bullish outlook for the crypto market, especially favoring multiple altcoins poised to outperform Bitcoin significantly in the coming weeks.
