Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target
23 November 2023 - 8:00AM
NEWSBTC
Bitcoin (BTC), the largest cryptocurrency on the market, has again
failed to consolidate and reach the $38,000 level for the third
time, as it is currently experiencing a 3% pullback. This has led
the community to speculate that a significant retracement may occur
before the bullish momentum resumes and the next uptrend
begins. However, renowned crypto analyst Adrian Zduńczyk has
recently shed light on Bitcoin’s potential next target of $50,000.
Zduńczyk’s analysis considers several crucial factors, including
the prevailing bullish market sentiment, the ongoing uptrend, the
short-term outlook, miner sentiment, and seasonal trends.
Evidence Of Dominant Bull Market Zduńczyk notes that the
cryptocurrency industry is in a bull market, with Bitcoin reaching
a new 52-week high close and experiencing the third wave of the
bullish cycle. The correlation between Bitcoin and the S&P
500 has risen, indicating a favorable environment for Bitcoin. High
time frame trends are also rising. Zduńczyk identifies key macro
support levels for Bitcoin at $29,000 and $27,000, highlighting
growing demand fueled by the anticipation of the approval of spot
Bitcoin exchange-traded funds (ETFs) and the upcoming halving event
expected in April 2024. Related Reading: Solana Captures
Institutional Investors’ Attention, Inflows Rise To $135 Million
Notably, the daily chart for BTC remains in an uptrend, according
to Zduńczyk. He points to a target of $40,000, supported by the
appearance of a “golden cross” pattern. Furthermore, Zduńczyk
believes that the rising Simple Moving Average (SMA) 200 serves as
“irrefutable evidence” of a dominant bull market since January.
These indicators suggest a continuation of the upward trajectory
for Bitcoin. Zduńczyk also identifies key support levels at $35,000
to $35,800, emphasizing that a bullish sentiment prevails as long
as Bitcoin remains above these levels. Zduńczyk Eyes Bitcoin
November Target Of $50,000 Currently, Bitcoin is ranging between
$35,500 and $38,000, Zduńczyk notes that the momentum bands are
widening, indicating an increase in volatility. The rising 50-day
Average True Range (ATR) trend supports this observation. Fear
& Greed Index stands at 69, indicating a mixed sentiment among
market participants. Miners, on average, are enjoying a profit
increase of 23%. Zduńczyk maintains a positive outlook based on
these factors. Related Reading: Shiba Inu Sees A Whopping
48,000% Increase In The SHIB Burn Rate, What’s Next? Regarding
seasonal trends, October demonstrated a gain of 27%, exceeding the
average performance. Historically, November has been the best month
for Bitcoin, which has an average gain of 43%, with a target of
around $50,000. Notably, December typically adds 7% to November’s
closing price. Currently, BTC is trading at $36,400, reflecting a
5% and 22% profit over the past fourteen and thirty days,
respectively. The focus now shifts to whether BTC’s price can
maintain its crucial support levels and sustain its bullish
uptrend, potentially reaching the $50,000 milestone supported by
historical patterns. Featured image from Shutterstock, chart from
TradingView.com
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