Ljubljana, Slovenia – May 12 Bitcoin gold cryptocurrency trading chart on smartphone close up.
Bitcoin (BTC) has begun riding the recent bull market wave, rising with new gains after weeks of sluggish momentum, with crypto analysts predicting further potential gains for the leading cryptocurrency asset in the coming days.
Bitcoin is witnessing a correction after rising to $45,000
A cryptocurrency expert from Cheeky Crypto has made a bold prediction for Bitcoin. The analyst revealed his latest predictions in one of the latest episodes of Cheeky Crypto Youtube.
His predictions came against the backdrop of Bitcoin price closing positive on Wednesday, leading the overall altcoin market. At the start of the new trading day, BTC price broke the consolidation boundary, indicating that bulls have come to the fore again.
The latest analysis from Cheeky Crypto analyst looks at the current trading range for Bitcoin. In the analysis, the expert talked about a possible bullish trend that will push BTC higher $45,000.
BTC remained within a trading range | Source: Cheeky Crypto on YouTube
He defined the current phase as a continuation pattern and predicted that there would be an upward breakout after the range is reached. The analyst mentioned that volume profiles are declining across the market space, leading him to believe that the price will rise to $45,000.
However, he assumes that a significant correction will occur afterwards BTC reached the above price level. Meanwhile, given positioning on the Stochastic Relative Strength Index (RSI), he expects a further decline to $30,000.
He emphasized that BTC's current trading range has resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA). If the 50-EMA level is broken, Bitcoin could retest the 50-EMA level and the 200-EMA level would provide additional support.
Additionally, the analyst examined a range of indicators across the hourly, daily and weekly time frames. He mentioned key support and resistance levels as well as indicators to examine for possible market changes and momentum, such as the RSI and Stochastic RSI.
BTC price rises above $44,000, target is $45,000
Amid the recent bullish rally in the crypto market, the price of Bitcoin has risen above $44,000. This is the first time this month that the crypto asset has reached this level, indicating a market recovery.
The recent surge has sparked quite positive sentiment across the crypto space. It is believed that the increase could be due to expectations around the year Ethereum Spot ETFs and BTC ETF Options. Although trend levels are still low compared to last month, this suggests that one should remain vigilant.
At the time of writing, the price of Bitcoin is up over 4% in the last 24 hours and stands at $44,704. Furthermore, its market capitalization and trading volume have increased by over 4% and 47%, respectively, in the past day.
BTC is trading at $44,689 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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