Bitcoin price is currently showcasing a huge potential of breaking through the consolidation as the asset may breakout anytime from now. With the breakout, the BTC price is expected to surge beyond $45,000, maybe before the end of Q1 2022. Therefore, expecting a bullish start for the next quarter, the BTC price is primed to hit the ATH. Further continuing with the bullish trend, the rally may surge high to hit the desired target too.
Despite the asset being quite bearish in the short term, the BTC price is significantly bullish in the higher-term frame. The price is approaching the upper resistance in the weekly time frame and hence a breakout may be imminent. Previously, when the star crypto reached beyond $45,500 a breakthrough was quite expected. But due to the absence of buying power, Bitcoin failed to surpass these levels and tumbled down to $37,925.
However, a completely different scenario may be expected during the current breakout as the Bitcoin price rally appears to be strong with enough bullish momentum. Yet another factor that may fuel the BTC price rise is the surging open interest rates. The global rise of open interest for derivatives interest point out towards the resurgence of the market. It may also point out towards the traders are in a stronger position than now.
Therefore, if the BTC price jumps out of consolidation, then a significant trend may uplift the price above the narrow consolidation. And if the asset successfully settles above $46,000 then $50,000 may not be too far. And hence the bullish trend may prevail until Bitcoin forms a new ATH.
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