Bitcoin is consolidating in a bull flag ready for the next push to the upside. The huge level of $48,000 is only an 11% price move away.
So far everything is going to plan for bitcoin. The massive move upwards over the whole of 2023 is still in continuation. Will bitcoin be able to achieve $48,000, or even $50,000 by the end of the year? It’s looking more and more likely.
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Bitcoin Consolidating Quickly
Up, consolidate sideways, then up again. This seems to be the modus operandi of bitcoin since around the middle of September. In this almost 3 month period of time the price of bitcoin has risen around 74%.
Source: Trading View
While bitcoin consolidated sideways with a good upward bias through 23 October to 1 of December, since then the price has started to accelerate to the upside, with now only short periods of consolidation within small triangle patterns or flags.
This current flag sees the bitcoin price wick down quite a way, but bulls were there to buy it right back up again. This tells the story that there is still a lot of strength in the alpha cryptocurrency.
Bitcoin Dominance Gets Rejected
Source: Trading View
Judging by the BTC dominance being rejected from the top of the upwards leaning wedge pattern, altcoins can perhaps also start to come back into the picture. However, this is a changing picture, and should bitcoin break out of its current flag, the alts might have to sit back and watch for a while.
At time of going to press, bitcoin is approaching the bottom of its flag again. If it breaks downwards the next support is the top of the previous ascending triangle at around $42,000. Traders should trade with caution and manage their risk adequately.
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