BTC Price Prediction: Pause before rise towards 45660
How did Bitcoin price perform in the past few hours?
BTC bounced off the 38.2% Fibonacci retracement target of the hourly corrective Elliott wave 4 at 43640.
TA wise, what can we expect from BTC in the next few hours?
Within an intraday bullish bias, Bitcoin is likely to consolidate further within the consolidative wave, between 43640 and 44775.
The bulls are favoured to attempt a break above 44775 to validate the bullish Elliott wave 5 target at 45660 and complete the bullish impulsive Elliott wave structure.
In the event that the hourly bulls are unable to perform as anticipated, a break below 43640 is likely to lead to a deeper pause to 43290, the hourly 50% retracement support.
FA wise, what can drive the price to the anticipated targets?
In short, institution capital inflows.
Despite being a firm critic of Bitcoin, the world’s greatest investor, Warren Buffett, invested US$1 billion in Brazil’s NuBank and reduced Berkshire Hathaway’s investments in Visa and Master. Nubank is a fintech bank that allows users to invest in cryptocurrency ETFs.
Separately, NYSE filed a trademark application for trading NFTs and JP Morgan opened a lounge in Decentraland.
BTC bounced off the 38.2% Fibonacci retracement target of the hourly corrective Elliott wave 4 at 43640.
TA wise, what can we expect from BTC in the next few hours?
Within an intraday bullish bias, Bitcoin is likely to consolidate further within the consolidative wave, between 43640 and 44775.
The bulls are favoured to attempt a break above 44775 to validate the bullish Elliott wave 5 target at 45660 and complete the bullish impulsive Elliott wave structure.
In the event that the hourly bulls are unable to perform as anticipated, a break below 43640 is likely to lead to a deeper pause to 43290, the hourly 50% retracement support.
FA wise, what can drive the price to the anticipated targets?
In short, institution capital inflows.
Despite being a firm critic of Bitcoin, the world’s greatest investor, Warren Buffett, invested US$1 billion in Brazil’s NuBank and reduced Berkshire Hathaway’s investments in Visa and Master. Nubank is a fintech bank that allows users to invest in cryptocurrency ETFs.
Separately, NYSE filed a trademark application for trading NFTs and JP Morgan opened a lounge in Decentraland.
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