Cryptocurrency analysts name the condition under which bitcoin will reach $ 50,000

According to an analysis published on TradingView by TradingShot, bitcoin could reach $ 50,000 by the end of 2023. The analysis focuses on a bullish moving average cross (MACD) that formed on the monthly timeframe about two months ago. This cross prompted experts to draw historical parallels that could indicate a significant rally in the future.

According to analysts, this pattern is reminiscent of three previous occasions when the monthly MACD formed a bullish crossover. At that time, the price reached the Fibonacci retracement level of 0.786 shortly before or after the bullish crossover formation.

In addition, TradingShot’s experts have identified a symmetrical support level derived from the last lower high of the bearish cycle. This support level has demonstrated resilience, consistently closing all 1-month candles above it, with the exception of irregular failures associated with the pandemic-induced collapse in March 2020.

According to analysts, bitcoin may reach the 0.786 Fibonacci retracement level at $ 50,000 by December 202Z. Further growth of the BTC will be facilitated by the upcoming halving and the potential launch of a Bitcoin ETF.

With BTC trading in the consolidated phase, the demand for the first cryptocurrency is growing. For the past 12 months, Google Trends has been showing a surge in demand for the phrase «buy bitcoin.» At the time of writing, the flagship cryptocurrency is trading at $ 25,929, down 0.4% over the past 24 hours. The weekly dynamics of bitcoin is characterized by a slight decrease of 0.6%.

Michael van de Poppe, a popular trader and cryptocurrency analyst, shares a similar opinion about the growth of BTC to $ 50,000. «Do what you want, but the bull is on the horizon. We have only four to six weeks to go, and then we will only go up ,» the expert said.

The expert substantiated his calculations by comparing cycles. The analyst found similarities between the current dynamics and the events of 2015−2016 due to the emergence of a large group of new participants. In that cycle, the first cryptocurrency doubled in price compared to pre-halving values. Transferring this ratio to today, De Poppe got a range of $ 50,000 to $ 55,000.