Bitcoin Price Prediction: BTC bull rally to $49,000 is just getting started – FXStreet

FXStreet Team FXStreet Team

Bitcoin price has investors shocked as it has been violently surging on the intraday time frame. 
Bitcoin price has recently breached the 6-hour parallel channel for the 4th time this week. The volume pattern with the most recent 6-hour chart suggests significant Smart Money interest in BTC. 
Today's sudden surge to $43,834 may be a shocker to some investors, but Bitcoin price does not look like it will be slowing down soon.
It was mentioned in Monday's thesis that a break above the previous support zone at $41,000 could be an early confirmation for traders looking for an entry. Ultimately a breakout away from the support zone would be the safest entry. 
The scenario played out textbook-like early Wednesday morning as the BTC price charged forward to $42,777. Now, the Bitcoin price has a few strong confluences. The breach into the upper end of the parallel channel at $43,834 with high volume is very bullish. Secondly, the low volume consolidation above the median parallel trendline is also optimistic. Traders should expect more consolidation followed by larger candlesticks to push Bitcoin prices towards $45,000 this weekend.

BTC/USD 6-Hour Chart
Still, market makers could attempt to flex their power on the 6-hour trend channel, so an explicit invalidation for Bitcoin price is essential. The invalidation for the thesis will be a break below $40,000, the lower end of the previous support zone. Should this happen, BTC price will likely test $38,000 and $36,000, representing an 18% correction from the current levels.

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Bitcoin price shows a retest of the upper range of its consolidation after rallying for nearly two weeks. This uptrend will now face multiple hurdles that will decide the outlook for BTC in the near future.
Shiba Inu price set up a lower high after a 13% uptrend: SHIB price rallied after breaching its downtrend but seems to be without any enthusiasm. The uptrend failed to set up a higher high.
XLM price has traders feeling less enthusiastic about placing an entry as it has serious resistance barriers lying ahead. XLM price has recently broken out of a pennant-like formation on the 9-hour chart. A break below $0.20 could be a good exit strategy.
AVAX price action has made some great moves over the past week, making some significant gains and leading its peers in the DeFi space with its performance. As a result, several trading opportunities have developed for both bulls and bears. 
BTC consolidation continues with the formation of a bullish setup. A breakout from this formation could be the key to triggering a bull run, but things are not as simple as they appear. On-chain metrics and market indicators suggest that the bullish thesis has more than meets the eye.
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