Bitcoin (BTC) Reaches $46,000: Prediction Claims BTC To Surge By 190% In The Next 3 Months

Sophia Cruz•Friday, February 9, 2024•1 min read

Earlier today, Bitcoin shot up above $46,000, breaking through a tough barrier at $44,000. This barrier has been stopping the price from going up since spot Bitcoin ETFs were introduced in the United States about four weeks ago.

Following a period of volatility where Bitcoin’s price went down to $38,500, BTC is now making a notable recovery, surpassing the $46,000 mark. This resurgence comes from the decreased selling pressure from major players such as Grayscale and the recent launch of Bitcoin Spot ETF trading.

Dan McDermitt and Scott Melker, experts from The Chart Guys, are positive about Bitcoin’s recent stability They see it as a sign that the price might shoot up soon. However, McDermitt warns that this could lead to more trading and unpredictable price changes. He also mentioned that a 10% surge during a positive trend is rare, so investors need to be careful with their decisions. McDermitt advises waiting for a clear sign of a price increase before making big moves.

Despite Bitcoin not reaching its peak levels, McDermitt believes the market is ready to establish a new weekly low surpassing the previous low of $38,500. He emphasizes the importance of the upcoming days in determining whether there will be a significant increase in trading activity or if the market will stabilize.

McDermitt also discusses the 12-day exponential moving average (EMA) as an important signal for the market’s health. He says the market will stay stable as long as the bulls (buyers) keep defending this level. He also says it’s essential to watch trading volumes, especially with trends like Coinbase transactions and interest in exchange-traded funds (ETFs), which show that people are paying more attention to how much trading activity is happening.
At this time of writing, Bitcoin (BTC) is 6.20% higher at $47,567 in the last 24 hours.

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Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.