Bitcoin Price Prediction: BTC/USD sets new monthly high above $50,000

TL;DR Breakdown

• Bitcoin price prediction shows that the bitcoin price has once again broken the $50,000 barrier.
• The price rose from $44.46 to $47.75 on August 21, 2016, and then dropped rapidly during a flash crash.
• The present support is at $47,049.
• The $51,148 mark marks the point where price resistance begins.

The latest Bitcoin price analysis has shown that the BTC price is now in the middle of a full swing of the bullish momentum that has been building for over three days. The market leader has once again reached $50,000, extending its monthly all-time high by six figures. For more than three days, bitcoin has been riding on a wave of bullish momentum that was triggered when the monthly candle closed in green territory. Since then, BTC has not looked back and at press time is valued at $50,120.

Bitcoin Price Prediction: One-day chart reveals bullish momentum

The one-day Bitcoin price assessment chart shows that the king of cryptocurrency is still riding the bullish momentum that was sparked on October 1, after a spike in the price from $44,000 to $47,000.

At the time of writing, bitcoin is in the early phases of a bull run, and with volatility slightly increasing, it’s doing fantastic. The upper Bollinger band, which is located at the chart’s highest resistance point, is presently around $51148. While the bullish momentum on the chart is confirmed by current conditions, the Bollinger bands show that volatility is starting to slightly pick up. The upper Bollinger band, which is presently located at around $49,927 shows a slight increase in volatility.

The lower one-day BTC price chart also shows bullish momentum. With a resistance point of $50,784 and a support point of $48,078.

BTC/USD 1-day candlestick price chart source: Trading View

The nine-day moving average is $45,808, while the Bollinger band average is $45,190. The weakest support level is located at the $39,232 mark where the lower Bollinger band begins. Rather than the RSI’s score of 62.33 that leans towards the oversold side; the relative strength index (RSI) score is at 56.30, leaning towards the overbought side. Thus, it is more likely that bitcoin will continue to extend its bullish run rather than dipping back into another correction phase.

Bitcoin Price Prediction: BTC/USD hourly chart reconfirms bullish momentum

In the four-hour Bitcoin price analysis chart, the growing bullish sentiment is further verified; with the price surpassing $50,000 for the second time. Although volatility is on the rise on the four-hour chart, a bullish crossover has already been observed. On the charts, today’s price is above both upper Bollinger bands, which indicates high volatility. The resistance point is $48,874, where the upper Bollinger band comes into play. To top it off, the Relative Strength Index (RSI) score is at 64.14, which leans towards the overbought side of things.

BTC/USD 1-day candlestick price chart source:Trading View

The $49,861 mark is the Bollinger band’s upper limit, which represents the most solid support instead of resistance at this moment. The nine-day moving average is major support at $48,723.

Bitcoin Price Prediction: Conclusion

After a near-month of dominance, bitcoin is back on top. The current momentum has the potential to rule the market as a whole for at least another day or so, with the king of cryptocurrency riding high. If there is no bearish reaction after this week’s gains, the price may go higher still, reaching toward $51,000.