Bitcoin’s weekly outlook is looking bullish due to several factors, including the BTC price breaking out from a descending resistance line that had been present since its all-time high. The breakout has been validated by a long lower wick and a bullish engulfing candlestick in the following week. Additionally, the weekly RSI has moved above 50 for the first time since June 2021.
Experts predict that Bitcoin’s price is likely to move towards its long-term resistance level at $31,700. If a rejection occurs from there, the digital asset could drop to $24,600. The daily timeframe also provides a bullish outlook, with the daily RSI breaking out from a bearish divergence trendline. This indicates that a bearish reversal is unlikely, and the BTC trend is bullish.
Moreover, the price has broken out from an ascending resistance line and validated it as support. Over the past 24 hours, the price moved above $30,000 for the first time since June 2022. The closest resistance area in the daily timeframe is at $31,800.
While this is the most likely future price scenario, a close below the ascending support line would invalidate it and could lead to a decrease toward $25,000. Two possibilities for the wave count support a short-term increase, but the long-term outlook differs.
The first wave count indicates that the BTC price is currently in the fifth and final wave of a bullish impulse, and the next likely target is between $34,500 and $35,500. The second wave count suggests that BTC is still in wave three of a five-wave increase. An initial correction would be expected before the upward movement eventually resumes.
In conclusion, experts predict that Bitcoin’s price will increase towards at least $33,200 and possibly $33,500. However, a close below the ascending resistance line would invalidate this bullish outlook and could cause a drop to $24,600. As always, investing in cryptocurrencies involves significant risks, and investors should do their due diligence before investing.
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