For the first time since the beginning of this year, the price of Bitcoin was able to return above $47000. Analysts hurried to predict the beginning of the new bull phase. In this phase, the price of Bitcoin can reach $52000. They explain this by the fact that buyers have intensified, and they did not even scare the decision of the federal reserve on increasing the accounting rate.
Analysts note that the correlation of the BTC and the S&P500 index is weakening, and this is a positive signal for cryptocurrency. The analysts also note that Bitcoin gradually becomes a refuge of capital against inflation. Bitcoin has the same properties as gold: a limited proposal and adoption in society.
On the daily chart, we see that the downward trend completed its formation. After the price of Bitcoin reached a minimum in the area of 35000, the price began to recover, but there was strong resistance in the area of 45000. As a result, we saw the formation of an ascending triangle, where the minima were constantly increased, and the maxima were approximately on the same level. After the price of Bitcoin rose above 46000, it left the ascending triangle.
Also, BTC/USD managed to rise above the 100-day moving average, which now provides support in the area of 42200. At the time of publication, the BTC/USD pair has already risen above the level of resistance 47500 and trades around 47600. In this case, the movement to the level of 48000 has a high probability. The break of this level will allow the pair to rise to the intermediate resistance area of 49200. The movement above this level will make the Bitcoin price return to 50000 highly likely.
However, it is also worth considering the scenario that if the BTC/USD pair cannot hold above 47500, it can start a new correction. In this case, we consider the decline to the area of 46800.
