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The crypto market ended the trading day very bullish as the Bitcoin price made a last-minute price surge higher after breaking through the descending channel pattern on the 15 minutes timeframe.
This bullish surge played out exactly as we predicted in our previous Bitcoin analysis The Bitcoin Sell-Off Might Be Over! Watch This Descending Channel
In this Bitcoin analysis, we will be talking about what we expect might happen next for Bitcoin and the key levels we are currently watching.
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What Next For Bitcoin?
This Bitcoin break above the descending channel is a strong indication that the Bitcoin bull run might have resumed. If this is true, then we expect to see the Bitcoin price continue to rally higher in the coming days.
The next key level we are watching is the $48,052 key resistance level on the 15 minutes timeframe. This level as served as a key resistance on two previous occasions and might do so again.
Bitcoin Bullish Price Prediction
For the Bitcoin bullish prediction, we want to see the Bitcoin price break above this $48,052 key resistance in the 15 minutes timeframe and continue to rally higher in the coming days.
A break like this would be the confirmation we need to open the way for Bitcoin to rally into the $50k or even $60k price regions in the coming days.
Bitcoin Bearish Price Prediction
For the Bitcoin bearish prediction, we want to see the $48,052 key resistance hold on the 15 minutes timeframe. If Bitcoin is unable to break through this resistance, we might see more bearish pressure come back into the market and potentially push the price back down.
Final Verdict!
Bitcoin is running into a key resistance on the 15 minutes timeframe. For this bullish rally to continue, the Bitcoin price needs to break through and close above this $48,052 key resistance.
If Bitcoin fails to break through this level, we might see pressure momentum return back into the market.
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