Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	10,017,774,846	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

10,017,774,846

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00	0.00%	0.000017	0.000017	0.000017

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00

0.00%

0.000017

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000017	0.000017	0.000017	0.000017	0.00000662 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000017

0.00000662 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:25:11	7,252,683.00	0.000017	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:25:11

7,252,683.00

0.000017

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,311,637.52	124,893,745,418.39	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,311,637.52

124,893,745,418.39

Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

22/11/2023 9:00pm

NEWSBTC

Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. Evidence Of Dominant Bull Market Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising. Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024. Related Reading: Solana Captures Institutional Investors’ Attention, Inflows Rise To $135 Million Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern. Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin. Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. Zduńczyk Eyes Bitcoin November Target Of $50,000 Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation. Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. Related Reading: Shiba Inu Sees A Whopping 48,000% Increase In The SHIB Burn Rate, What’s Next? Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price. Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns. Featured image from Shutterstock, chart from TradingView.com

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