{"id":250763,"date":"2024-02-20T20:22:38","date_gmt":"2024-02-20T14:52:38","guid":{"rendered":"https:\/\/dripp.zone\/news\/is-btc-going-to-60k-or-48k-as-lth-supply-in-loss-shrinks-crypto-news\/"},"modified":"2024-02-20T20:22:42","modified_gmt":"2024-02-20T14:52:42","slug":"is-btc-going-to-60k-or-48k-as-lth-supply-in-loss-shrinks-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-btc-going-to-60k-or-48k-as-lth-supply-in-loss-shrinks-crypto-news\/","title":{"rendered":"Is BTC Going To $60k or $48k As LTH Supply In Loss Shrinks? – Crypto News"},"content":{"rendered":"

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Bitcoin price forecast: BTC, the king of crypto, is facing a crucial period as various factors shape its prospects in the short and long term.\u00a0Bitcoin ETFs<\/span><\/a>\u00a0sparked mixed responses in January, but its 25% rally in February signals a strong uptrend, especially after the April halving.<\/p>\n

Bitcoin Price Forecast: What\u2019s Next If $52,000 Level Holds?<\/h2>\n

Short-term analysis shows that Bitcoin\u2019s position at $52,000 is playing a crucial role with resistance cut out at $52,800. The four-hour candle close below this level ($52,000) on Monday implied that sellers cannot be underestimated. With another close below it, larger dips will start to become apparent, bringing the traders\u2019 attention to support at $48,000.<\/p>\n

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The founder and CEO of MN Trading Consultancy, Micha\u00ebl van de Poppe backed this sentiment via a post on X suggesting that he is \u201cstill leaning towards this scenario in which a flush on the downside seems likely.\u201d<\/p>\n

In his forecast, Poppe argues that $48,500 \u2013 $49.500 is the range to watch. While such a flush drop might not sit well with people already moving with the momentum of a\u00a0pre-halving rally<\/span><\/a>, recent market behavior, has revealed that dips could be eaten up quickly, with Bitcoin propped to resume the uptrend after collecting fresh liquidity.<\/p>\n

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At this point, I’m still leaning towards this scenario in which a flush on the downside seems likely.<\/p>\n

What’s the key zone to watch? <\/p>\n

I think $48.5-49.5K area for #Bitcoin<\/a>. pic.twitter.com\/9bsKRgglu1<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) February 20, 2024<\/a><\/p>\n<\/blockquote>\n

A successful retest of the upper range resistance, as highlighted with the grey rectangle on the four-hour chart, would support further upward movement, Rekt Capital, a trader and analyst opined.<\/p>\n

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#BTC<\/a> <\/p>\n

Bitcoin has managed to Weekly Candle Close above this resistance<\/p>\n

As a result, price is now trying to retest it as new support<\/p>\n

Successful retest here would enable further trend continuation towards the upside$BTC<\/a> #Crypto<\/a> #Bitcoin<\/a> https:\/\/t.co\/2kRSJziXAn<\/a> pic.twitter.com\/C4vtfTW5AE<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) February 20, 2024<\/a><\/p>\n<\/blockquote>\n

An incoming buy signal from the Moving Average Convergence Divergence (MACD) would be another signal for the uptrend\u2019s continuation. This call to buy BTC would manifest with the blue MACD line crossing above the red signal line.<\/p>\n

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The 20-day Exponential Moving Average (EMA) closely trailing the price can be used to back the bullish theory. In case of a correction below $52,000,\u00a0Bitcoin price<\/span><\/a>\u00a0will have a chance to stabilize ahead of another rebound.<\/p>\n

Recommended:<\/strong> 5 Best AI-Based Altcoins To Buy Ahead Of 2024 Bull Run<\/a><\/p>\n