{"id":566769,"date":"2023-12-24T08:30:38","date_gmt":"2023-12-24T08:30:38","guid":{"rendered":"https:\/\/wncen.com\/?p=566769"},"modified":"2024-06-11T07:26:58","modified_gmt":"2024-06-11T07:26:58","slug":"can-bitcoin-price-climb-to-47000-heres-what-this-crypto-analyst-thinks","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/can-bitcoin-price-climb-to-47000-heres-what-this-crypto-analyst-thinks\/","title":{"rendered":"Can Bitcoin Price Climb To $47,000? Here\u2019s What This Crypto Analyst Thinks"},"content":{"rendered":"

The bulls seem to be back in control following the return of the Bitcoin price to above $43,000 this past week. This positive run comes on the back of a period where the premier cryptocurrency struggled, falling below $41,000 at some point.<\/span><\/p>\n

However, the market leader appears to have regained most of its lost momentum<\/a>, with new heights now in sight. A popular crypto pundit on the X platform has put forward a new prognosis and set a new target for the Bitcoin price.<\/span><\/p>\n

BTC Price To $47,000? Here’s What Needs To Happen<\/strong><\/h2>\n

In a post on X<\/a>, crypto analyst Ali Martinez offered insight into the price action of Bitcoin, explaining the potential movements of the cryptocurrency over the coming weeks. This evaluation is based on the UTXO Realized Price Distribution (URPD) data by the on-chain analytics firm Glassnode.<\/span><\/p>\n

\"Bitcoin<\/p>\n

A chart showing the UTXO Realized Price Distribution of Bitcoin | Source: Ali_charts\/X<\/a><\/span><\/pre>\n
Martinez identified the $43,200 area as a crucial support level, which can potentially determine the fate of Bitcoin’s price. The premier cryptocurrency broke above this price zone on Wednesday, December 20, and has been trading mostly sideways since.<\/span><\/p>\n
Related Reading: Analyst Points To Increasing Caution In Bitcoin Market Despite Price Surge<\/a><\/div>\n
In his post, Martinez highlighted that so long as the vital $43,200 support holds, the momentum is with the Bitcoin bulls. According to the crypto analyst, staying above this support is one catalyst that could push the Bitcoin price to above $47,360.<\/span><\/p>\n
On the flip side of his analysis, he noted that the Bitcoin price could possibly undergo a correction<\/a>. The crypto pundit emphasized that one of the bearish signals to watch out for is a sustained close below the crucial $43,200 mark.<\/span><\/p>\n
According to Martinez\u2019s projection, a close below $43,200 could send the price of BTC down towards $37,000. This would mean a decline of over 15% from the current price point.<\/span><\/p>\n
Bitcoin Price Overview<\/strong><\/h2>\n
As of this writing, the Bitcoin price<\/a> stands at $43,783, reflecting a mere 0.5% gain in the last 24 hours. On the weekly timeframe, though, the premier cryptocurrency has shown tremendous recovery to return back to its heights of early January.<\/span><\/p>\n
Related Reading: $10 Million Worth Of Dogecoin Exit Robinhood \u2013 What This Could Mean For Price<\/a><\/div>\n
According to data from CoinGecko<\/a>, the value of BTC is up by more than 4.5% in the past seven days. Meanwhile, the coin\u2019s price has surged by nearly 16% in December as the market leader looks to close out the year on a high.<\/span><\/p>\n
Bitcoin continues to maintain its position as the largest cryptocurrency in the sector, with a market cap of roughly $858 billion.<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC price experiences correction at $44,000 on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/pre>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"
The bulls seem to be back in control following the return of the Bitcoin price to above $43,000 this past week. This positive run comes on the back of a period where the premier cryptocurrency struggled, falling below $41,000 at some point. However, the market leader appears to have regained most of its lost momentum, with new heights now in sight. A popular crypto pundit on the X platform has put forward a new prognosis and set a new target for the Bitcoin price. BTC Price To $47,000? Here’s What Needs To Happen In a post on X, crypto analyst Ali Martinez offered insight into the price action of Bitcoin, explaining the potential movements of the cryptocurrency over the coming weeks. This evaluation is based on the UTXO Realized Price Distribution (URPD) data by the on-chain analytics firm Glassnode. A chart showing the UTXO Realized Price Distribution of Bitcoin | Source: Ali_charts\/X Martinez identified the $43,200 area as a crucial support level, which can potentially determine the fate of Bitcoin’s price. The premier cryptocurrency broke above this price zone on Wednesday, December 20, and has been trading mostly sideways since. Related Reading: Analyst Points To Increasing Caution In Bitcoin Market Despite Price Surge In his post, Martinez highlighted that so long as the vital $43,200 support holds, the momentum is with the Bitcoin bulls. According to the crypto analyst, staying above this support is one catalyst that could push the Bitcoin price to above $47,360. On the flip side of his analysis, he noted that the Bitcoin price could possibly undergo a correction. The crypto pundit emphasized that one of the bearish signals to watch out for is a sustained close below the crucial $43,200 mark. According to Martinez\u2019s projection, a close below $43,200 could send the price of BTC down towards $37,000. This would mean a decline of over 15% from the current price point. Bitcoin Price Overview As of this writing, the Bitcoin price stands at $43,783, reflecting a mere 0.5% gain in the last 24 hours. On the weekly timeframe, though, the premier cryptocurrency has shown tremendous recovery to return back to its heights of early January. Related Reading: $10 Million Worth Of Dogecoin Exit Robinhood \u2013 What This Could Mean For Price According to data from CoinGecko, the value of BTC is up by more than 4.5% in the past seven days. Meanwhile, the coin\u2019s price has surged by nearly 16% in December as the market leader looks to close out the year on a high. Bitcoin continues to maintain its position as the largest cryptocurrency in the sector, with a market cap of roughly $858 billion. BTC price experiences correction at $44,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87818,428,679,1119,1122,78790],"class_list":["post-566769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nCan Bitcoin Price Climb To $47,000? 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Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/wncen.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Can Bitcoin Price Climb To $47,000? 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