Bitcoin Price Prediction: Will BTC Pump to $50,000 by Year-End?

Updated: 19 September 2023

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The Bitcoin (BTC) price saw a rapid surge yesterday, September 18, which took it past the resistance at $26.8k, which kept it from progressing for some time. The coin reached the height of $27k and breached it without much trouble.

It then reached its monthly high by climbing to $27,400, after which it was briefly rejected to $27.2k. This minor support stopped the coin from falling, allowing it to bounce back to $27,332. However, it lost momentum and dropped back to the mentioned support.

As traders started selling, BTC price eventually broke the support, seeing a sharp drop that took it down to $26,720 later on the same day. Since then, BTC has fluctuated between a support at $26,700 and a resistance at $26,900. These levels are still holding it from moving further up or down even at the time of writing, as right now, Bitcoin is at $26,846.

The sharp increase in sales has also led to a 97% increase in volume compared to 24 hours ago.

Analysts have proposed different ideas about what will happen next by analyzing the coin’s chart and other indicators. One expert suggested that the coin forms a descending triangle in the daily time frame, a bearish pattern. However, they also suggested that Bitcoin try another test of the upper trendline and even deviate above it before the price starts falling.

As a result, there could be some opportunities for short-term traders.

Another analyst remarked that the coin successfully retested above the descending triangle with a decent volume. It is currently retesting above the Ichimoku cloud, and an effective retest would confirm the continuation of the bullish move. In other words, there is still a chance that the bull run could continue, but much depends on what BTC will do soon.

Santiment Data Shows Bitcoin Whales Tightening Their Grip

While traders keep an eye on the charts, crypto whales seem to be making their move on Bitcoin in the background.

According to recent data by Santiment, the whales have tightened their grip on the crypto as small traders started giving in to the fear and selling the coin.

The analytics company noted that address activity has skyrocketed to year highs, especially with the halving scheduled to happen next year.

New reports say that increasing daily active addresses without significant price action as a catalyst for such behavior could indicate that large holders are accumulating BTC through OTC.

Analysts Say BTC Market Dominance Can Go Beyond 50%

Historically, Bitcoin’s market dominance has typically been above 50%, meaning that Bitcoin held more than half of all the money in crypto.

However, the supremacy dropped over the last two years, finding itself between 39% and 49% for the most part. However, after BlackRock moved to file for a Bitcoin ETF in June of this year, the dominance returned to 52%.

Some analysts say that Bitcoin could go beyond that, reaching former levels. While this might be good news for the coin, it doesn’t benefit altcoins, including Ethereum.

Bitcoin BSC Presale Hits $3 Million, Less than $1M to Go

Bitcoin BSC (BTCBSC), a new BEP-20 token that started its presale about ten days ago, has reached several significant milestones. Most recently, the project hit a $3 million mark in the amount it raised.

The presale will only last until the soft cap of $3.96 million is reached, and at this rate, this might happen in only a day or two. As a result, anyone seeking to join the presale and acquire Bitcoin — the way it was in 2011 when its price was only $1 — should act quickly.

The token’s goal is to allow users to repurchase young Bitcoin. Once it enters circulation, it will offer staking services that release rewards every 10 minutes, much like Bitcoin mining rewards work on the coin’s original network.

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