Bitcoin Price Prediction A Return To $ 48,000 Would Give Bulls A Run To $ 50,500

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For the afternoon to come

Bitcoin should avoid a fall through the $ 47,512 pivot to bring into play the first major resistance level at $ 48,713.

However, broad market support would be needed for Bitcoin to return to levels of $ 48,000.

Barring a prolonged crypto rally throughout the afternoon, the first major resistance level and resistance at $ 49,000 would likely cap any rise.

In the event of a prolonged rally, however, Bitcoin could target the 23.6% FIB of $ 50,473 before any pullbacks. The second major resistance level is located at $ 50,587.

If you didn’t avoid a pullback by the first major support level at $ 47,512, the second major support level at $ 45,638 would come into play.

Unless there is an extended sale on that day, Bitcoin is expected to avoid levels below $ 45,000. The second major support level is at $ 44,437.

Beyond the support and resistance levels, we saw the 50 EMA pull back further from the 100 and 200 EMA before flattening out.

The flattening drew investors sidelined until late morning.

Further narrowing of the EMA 50 on the EMA 200 and 100 would provide additional support. Bulls will look for a bullish cross formation in the 2nd half of the day.

However, Bitcoin is expected to return to levels of $ 48,000 to give the bulls a run at resistance levels and bring $ 50,000 back into play.

A return to less than $ 46,500 would give the bears the upper hand once again and lead to another day of heavy losses.

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