Bitcoin Nears All-Time High Again Amid Bullish Price Predictions
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Bitcoin (BTC) price reached a new yearly high of $44,490 on December 5, hitting resistance. Further gains to $47,600 (for a new all-time high) are predicted.
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The weekly RSI indicator shows bullish momentum, with readings not seen since November 2020 before Bitcoin hit its current all-time high.
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Some traders are very bullish due to bullish Elliott Wave counts, while others see echoes of the speculative 2017 rally and expect corrections.
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Support sits around $38,000. A close below $43,000 could signal the start of a corrective downtrend.
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This is price analysis only, not investment advice. Market conditions can change rapidly.