Bitcoin price currently shows huge potential to break through consolidation as the asset could break out at any time. With the breakout, BTC price is expected to rise above $45,000 perhaps before the end of the first quarter of 2022. Therefore, BTC price expects a bullish start for the next quarter and is poised to hit the ATH. Continuing with the bullish trend, the rally could run high to also reach its desired target.
Despite the asset being quite bearish in the short term, BTC price is significantly bullish in the higher term. The price is approaching the upper resistance in the weekly time frame and therefore a breakout may be imminent. Back in the day, when the star crypto reached over $45,500, a breakout was reasonably expected. But due to the lack of purchasing power, Bitcoin failed to surpass these levels and dropped to $37,925.
However, a very different scenario can be expected during the current breakout as Bitcoin’s price rally appears to be strong with enough bullish momentum. Yet another factor that could fuel BTC’s price rise is rising open interest rates. The global rise of the open rate for derivatives rates points to the revival of the market. It could also indicate that the traders are in a stronger position than they are now.
Therefore, if the BTC price jumps out of the consolidation, a significant trend may cause the price to rise above the close consolidation. And if the asset settles successfully above $46,000, $50,000 might not be too far. And therefore, the bullish trend may prevail until Bitcoin forms a new ATH.