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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Can Bitcoin Price Climb To $47,000? Here’s What This Crypto Analyst Thinks

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.

Bitcoin Price

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.

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Analyst Points To Increasing Caution In Bitcoin Market Despite Price Surge

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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’s 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.

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According to data from CoinGecko, the value of BTC is up by more than 4.5% in the past seven days. Meanwhile, the coin’s 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.

Bitcoin Price

BTC price experiences correction at $44,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. 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’s 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’s 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 “whatever is worth doing at all is worth doing well.” 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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