Bitcoin kicked off the new year with a substantial surge, reaching nearly $46,000 today. The upward momentum, initiated late Monday night, propelled BTC above $45,000, hitting $45,913.30, a level unseen since April 2022.
Analysts examining the charts foresee the next pivotal juncture toward a potential new all-time high lying within the range of $48,000 to $50,000. Julius de Kempenaer, Senior Technical Analyst at Stockcharts, remarked on Bitcoin’s breakout from a three-week consolidation pattern, signaling heightened momentum. He emphasized the need for Bitcoin not to linger too long at its new level.
Rob Ginsberg from Wolfe Research lauded the recent resurgence post-consolidation as “a very encouraging move” but anticipates an overbought signal and consolidation within the $48,000 to $50,000 range. De Kempenaer stressed the importance of Bitcoin maintaining the $45,000 level in the next day or two for the breakout to be confirmed, establishing a new support level.
Amid the optimism, some Wall Street analysts express concerns, fearing that the market’s response to a potential ETF approval might fall short of the lofty expectations that have driven the cryptocurrency market in the past six months. There’s even speculation of a market dip to $32,000. Despite these reservations, overall investor sentiment remains positive about Bitcoin’s long-term prospects. De Kempenaer, however, asserts that Bitcoin must first attain the $48,000 mark.