- Bitcoin can see its price doubling if bulls gather the momentum to overpower a crucial resistance line.
- Overcoming the $69,829 mark may translate to a 54% surge.
- Meanwhile, plunging under $45,766 will ruin BTC’s bullish picture.
Bitcoin price seems primed for a tremendous surge if the asset conquers a critical resistance line. The prevailing chart formation shows toppling $69,829 will clear the road for massive upswings, taking Bitcoin higher towards $110,000.
BTC Price Ready for 54% Surge
BTC price has created an ascending triangle setup on its weekly chart, indicating a bullish outlook for the bellwether token. The prevailing chart formation displays a 54% surge towards $110,713. Nevertheless, the world’s largest crypto has to slice past the top boundary, which serves as a resistance level T $69,829.
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Bitcoin’s first resistance line sits at the 50% retracement mark at $48,777, corresponding with the 50-week SMA. BTC price will meet more headwinds near 21-week Simple Moving Average at $52,784, then 61.8% FIB retracement mark at $53,478. Also, the 78.6% FIB retracement level at $60,167 will present another Bitcoin hurdle as bulls try to hit the prevailing chart pattern’s upper boundary.
If BTC manages to slice past the triangle pattern’s topside trend-line of $69,829, it will unveil the 54% surge to 4110,714. The world’s top crypto will encounter resistance around 127.2% FIB extension area at $79,512, then 161.8% FIB extension at $93,300.
Though the optimistic view, downward risks remain for Bitcoin. Intensified selling pressure will see BTC testing the governing technical formation’s lower border at $45,766, claiming it as support. More defense lines will showcase at 38.2% FIB retracement mark of $44,078, then 29 November low, around $42,150.
Bitcoin price dropping beneath the primary technical patterns downside trend-line will invalidate the asset’s bullish narrative.
Meanwhile, most analysts remain bullish as far as the cryptocurrency market in 2022 is concerned. Experts believe the latest downward move was essential for assets to create dependable barriers/footing for the upcoming upswings. However, market participants may have to wait for a significant breakout before interacting with the coin in the near term. Furthermore, 2021’s predictions that saw BTC on a monstrous rally in Q4 2021 failed.
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