Bitcoin (BTC) Price Breaks Through the Critical Level: But Wait, Here’s the Twist!

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The crypto markets are surging! The bitcoin price smashed above crucial resistance at $45,000, pointing to the token being self-assured of a healthy upswing ahead. The markets have been extremely bullish since the start of 2023, with the BTC price rising by over 150%. However, a more intense price action is believed to prevail throughout 2024, which may compel the star crypto to form a new ATH before the end of the year 2024. 

The BTC price broke out of the ascending triangle and is rising high, aiming to reach the next resistance at $47.600. Meanwhile, optimism surrounding the markets has soared as the decision on the Spot Bitcoin ETF approaches the scheduled date of January 10, 2024. The BTC price appears to have risen following the positive sentiments and entered the profitable zone.

But what if the bears take out the profit? Will bulls sustain the selling pressure and keep up the rising momentum?

After trading sideways for over a couple of weeks, the BTC price finally broke up through the previous highs. Currently, the price has risen above the resistance, and a final push may help the price enter the profitable zone between $45,688 and $46,841. After hitting the take profit zone, higher chances of a correction may be expected which may offer suitable buying opportunities again. 

In the short term, Bitcoin is still in a complex sideways consolidation phase. The price has formed a double bottom structure, which is forming a driving force to rise towards the target in the long term above $48,000, paving the way to hit $50,000. On the other hand, the ongoing rise is also seen as a ‘buy the rumour, sell the news’ event. The chances of a pullback after the spot Bitcoin ETF decision, whether in favor or against, may prevail.

Therefore, in the next few days, the bulls may maintain significant strength, which may be followed by a healthy pullback.