The price of Bitcoin (BTC) rallied after bottoming out locally. Assessing the market, the analyst said he expects a bullish move and set his target at $ 48,000.
According to data from Cointelegraph Markets and TradingView, Bitcoin reached a local low of $ 40,200 as of September 21. The BTC / USD parity, which recovered from this point in a short time, rose above $ 43,250 at the time of transmission.
Hourly chart of the BTC / USD pair. Source: TradingView
Analyst Rekt Capital, who evaluates crypto money markets, on Twitter. shared In his message, he noted that the price of Bitcoin has successfully recovered from the long-term moving average level.
BTC / USD daily chart. Source: twitter
In the BTC / USD pair, it is observed that there is an upward movement after touching the level where the 111-day Simple Moving Average (SMA) is observed.
BTC / USDT – Bitcoin technical analysis
The selling intensified after the price of Bitcoin fell below the moving averages (MA). The price action of the last few days was completed by falling below the neckline of the shoulder, head and shoulders pattern, followed by a bounce up.
BTC / USDT daily chart. Source: TradingView
The moving averages are about to turn bearish and the Relative Strength Index (RSI) is at 40. So, right now, bears are leading the market.
Evaluating how the price of Bitcoin may progress in the coming days, Cointelegraph analyst Rakesh Upadhyay said that if the price remains below the neck, the BTC / USDT pair could fall to $ 37,332.70 and then to the model’s target of $. 32,423.05.
Contrary to this assumption, he argued that if the price recovers from the neckline and closes above, as it is today, “the bulls’ target will be $ 50,000 again.” However, the bears are likely to aggressively defend the 20-day exponential moving average (EMA) ($ 46,589).
“If the price falls from this resistance, it will appear that sentiment has turned negative and traders are selling in rallies. The first sign that the market is strengthening will come when a close above $ 48,843 is achieved,” he added .
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