Bitcoin Price Prediction – October 5
The Bitcoin price stays above $50,000 as the king coin seems to be preparing for another consistent higher high trend.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $54,000, $56,000, $58,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD reclaims $50,000 for the since early last month (September) as traders may turn greedy. The Bitcoin price hit pause within a whisker of $50,000 as this incredible breakout occurs following the red-line of the 9-day moving average crossing above the green-line of the 21-day moving average. Today, the first digital asset extends the gain towards the resistance level of $51,000. However, the market experiences rejection at $50,380 which is the daily high.
Bitcoin Price Prediction: BTC Price May Touch $52,000 Level
The Bitcoin price is currently trading above the resistance level of $50,000 at the time of writing, owing to significant resistance from the $49,000 which helps the coin to hit the daily high of $50,165 level. According to the daily chart, the king coin is up by 1.87% in the last 24 hours as the market cap sits at $939 billion. Therefore, if the bulls keep the price above the 9-day and 21-day moving averages, there could be a sign of sustainability which could result in a continuation of the newly formed trend.
However, should BTC price failed to move up; traders may see a price cut towards the 9-day and 21-day moving averages and a further low drive could take the Bitcoin price to the support levels of $46,000, $44,000, and $42,000. At the moment, the bulls are still pushing the coin higher. As things stand, the Bitcoin price is rising as the technical indicator Relative Strength Index (14) is moving above the 60-level which could help the king coin to locate the potential resistance levels of $54,000, $56,000, and $58,000 respectively.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $50,152. However, the price movement of today happens to be an impressive one as the coin climbs above the long-awaited resistance level of $50,000. More so, BTC/USD is now maintaining its bull-run above this level as the technical indicator Relative Strength index (14) moves into the overbought region.
However, BTC may take a downward move if the bulls failed to push the price above the upper boundary of the channel as it may breach below the 9-day and 21-day moving averages which could reach another support at $48,000 and below. Nevertheless, if the bulls find a decent resistance level of around $51,000, the coin may locate the next resistance level of $52,000 and above.