• A strong support between the 0.786 and 0.886 Fib levels may drive another BTC increase.
• Long-term holders continue to accumulate, thus backing the projection.

“Will Bitcoin [BTC] reach $50,000 by the end of the year?” This is one question that many holders of the king coin may have asked themselves considering how the price action has fared in the last few weeks. 

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Coupled with Standard Chartered’s earlier prediction in the year, it is not out of place to reminisce about the potential.

But is BTC showing any signs of inching closer to the aforementioned price point? Market analyst CRYPTOHELL, who publishes his analysis on CryptoQuant, weighed in on the discussion from a technical viewpoint.

The Fib has come into play

According to CRYPTOHELL, Bitcoin has the potential to hit between $44,000 to $47,300. The analyst arrived at this conclusion by looking at the Fibonacci levels.

This indicator provides benchmarks for price movement. It can also be vital in showing where a coin price is likely to reach or if it will reverse.

For the analyst, Bitcoin could hit the 0.0786-0.886 Fibonacci levels. Typically, if BTC hits the 0.786 or 0.886 Fib level, it means the coin has had solid support at 0.618. Therefore, a breakout is likely, and considering the current value, BTC may rise above $40,000.

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Author: Victor Olanrewaju

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