Bitcoin Price Prediction shows BTC next target at $55K possible

Bitcoin price prediction summary:

• Today’s bitcoin price analysis is bullish
• The price of bitcoin rose to $58.5K.
• A second test of the support is now taking place.

The Bitcoin price is in a bullish trend today, with a substantial gain seen overnight after a modest advance in the course of the day. As bullish momentum has resumed, BTC/USD is expected to continue rising.

The overall market traded in the green, with Bitcoin rising by 3.751 percent as the market leader. Meanwhile, Binance Coin (BNB) is one of the best-performing cryptocurrencies, up 6.92%.

Bitcoin price prediction in the last 24 hours: BTC moves towards $58K again

The price of bitcoin remained in a range of $57,370.97 to $58,518.19 for the first time since November 2nd’s low of $55,513.35 after briefly falling as low as $56,900 before rebounding to approximately where it had been prior to the August 1st crash. Over the last 24

BTC/USD 4-hour chart: BTC targets $53K next?

On the 4-hour chart, we can see bearish momentum attempting to breach $54,000 local support, indicating more downside will follow today.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin has been performing very well recently. After several attempts to break the $41,000 support at the end of September, bearish momentum reversed and a rapid advance began on October 1.

For the remainder of October, Bitcoin/USD was mostly sideways as it targeted $48,500 and then broke further on October 4th. The following resistance was discovered at $56,000. This time, a few-day consolidation occurred before another small rise took place on Monday, bringing BTC to $58,000.

Following the market’s rejection of a new high, price action reversed and BTC/USD fell below $56,000. A drop to $54,000 was established late last night as bearish momentum builds up, suggesting that another spike lower is on the way. Over the previous 24 hours, BTC/USD has reacted favorably to retest the upper resistance.

Bitcoin Price Prediction: Conclusion 

Bitcoin is in a bearish trend today, as a local lower low was set just above $56,000 overnight, pushing BTC deeper into the red earlier today. As a result, we believe that the bearish momentum will continue, with support at $53,000 as a possible target.