Bitcoin Breaks Through Key $48,000 Price Level, Analysts Anticipate Gains

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Following last week’s price movements, Bitcoin‘s (BTC) price exceeded the important psychological price level of $48,000, satisfying investors. In this process, some analysts stated that BTC has entered the ‘Boom’ phase and emphasized that this could bring substantial gains.

Analysts’ Take on Bitcoin

According to a chart posted by crypto analyst Trader Tardigrade on February 12 (below), Bitcoin “broke the Green Triangle and exited the ‘Get Ready’ phase. This breakout could have initiated the movement into the ‘Boom’ phase, which might lead to prices reaching $130,000 and beyond by 2024.

As indicated by the chart patterns previously presented by the analyst, Bitcoin’s weekly close has reached its peak point (the $48,000 level) for the first time since December 2021, which is why it is interpreted this way.

On the other hand, Ali Martinez, who has made a significant impact with his recent analyses, stated on February 11 that Bitcoin “remains strong and potentially outweighs resistance” and made the following statement:

While a short price correction is possible, it is crucial to acknowledge that the next significant resistance level for BTC is much higher, around $57,000.

Indeed, Martinez supported his view by interpreting Bitcoin’s Unspent Transaction Output (UTXO) and the resulting price distribution (URPD) to indicate that BTC could face strong resistance at the $57,000 level, specifically at $56,973.12.

Bitcoin Price Analysis

Meanwhile, as of the time of writing, Bitcoin has fallen below $48,000, representing a 1% decline. However, despite this, the weekly BTC chart shows a clear gain of 11.83%. On the other hand, considering the latest price data obtained on February 12, there has been an 11.31% increase in BTC over a 30-day period.

Furthermore, the CEO of the renowned investment firm Bitwise Invest, Hunter Horsley, emphasized that the approved spot Bitcoin ETF and the upcoming halving will reveal Bitcoin’s true value in the capital markets in 2024.

Forget what you know about the price of Bitcoin. In 2024, we will discover how the entire capital market truly values Bitcoin.

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