- According to a crypto analyst, $48K is inevitable for Bitcoin in the current rally.
- The analyst noted that BTC could break above the $48K level and head toward $60K.
- Bitcoin price has respected the ABC wave pattern over multiple bull cycles.
A renowned crypto analyst with the handle @el_crypto_prof on X (formerly Twitter) believes it is inevitable for Bitcoin to rally to $48,000. In a recent post, the crypto analyst noted that the flagship crypto could still break above the $48,000 level and head toward the $60,000 mark.
The analyst used historical data from Bitcoin‘s chart to explain his position. He plotted the ABC wave pattern across several years and multiple bull runs. With the pattern, the analyst showed how Bitcoin’s price movement respected the wave pattern by returning to level (B) in the previous rallies.
Based on the consistency of the Bitcoin price and how it respected the ABC wave pattern in the past, the analyst predicted the current rally would continue. In his opinion, Bitcoin’s upward movement will head towards the (B) region of the existing ABC wave on the chart, coinciding with the $48,000 price level.
Bitcoin has embarked on a steep rally since the beginning of this month. On December 1, the flagship crypto’s price broke above a confluence of multiple tops on its way to climbing above the resistance at $40,000. The recent surge has seen Bitcoin gain over 12% in four days, rising to a new yearly high of $42,404.
Notably, the latest rally has registered consecutive bullish candles since December 1. The price of Bitcoin has closed above its opening price for four days, introducing the pioneer crypto into another leg of its upward movement. However, Bitcoin traded for $41,835 as of writing time, following a slight pullback from the recently established yearly high.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.