Bitcoin at $48,000? The Leading Crypto Resumes Its Ascent

Since its spectacular rise on October 23rd, a day when it was flirting with $35,000, bitcoin has seen little decline. Today, the queen of cryptocurrencies surprised the community again by trading at $44,200. What can we expect from this change of pace?

Bitcoin shatters the $44,000 resistance

Our crypto analyst highlighted a disappointing bitcoin, with a –5% pullback, in the second week of December. However, the recent U-turn of the flagship cryptocurrency did not go unnoticed by the entire community. Yesterday, December 19th, for example, BTC was trading around $43,100. A 7% increase was reported on the occasion.

#Bitcoin is breaking out!

Can it make its way to $48,000? https://t.co/zmLCieC9tY pic.twitter.com/FxrnG3UnJd

— Jelle (@CryptoJelleNL) December 20, 2023

In a recent post, Cointelegraph reported that bitcoin traded at $44,900 after the opening of Wall Street on December 20 (Sources: Cointelegraph Markets Pro and TradingView). This suggests a strong comeback for the queen of cryptos which suffered a drop of around $40,000 at the beginning of the week. This has not failed to reignite the hope of an imminent bull run for some traders.

Jelle, whose tweet is displayed above, did not hesitate to set the target at $48,000. To him, BTC seems “impatient to break out” to the extent of pushing it to regain the support as a “shallow pullback”.

Analyst Matthew Hyland, on the other hand, is betting on rather modest new highs by the end of the year: $46,000.

#BTC now at the top of the range of the double bottom reversal

The price target if breakout confirms would be around $46.3k

Would need to break resistance at annual highs from earlier this month as well: https://t.co/5uOsI3wx3D pic.twitter.com/vMkIMXNrnk

— Matthew Hyland (@MatthewHyland_) December 20, 2023