Trader sees Bitcoin price rising above $46,000

The current market situation is explained by a practising trader and founder of the project Crypto Mentors, Nikita Semov.

On Friday, 14 January, Bitcoin retraced to $41,680. We assess whether there is a likelihood of further declines in the price of the leading cryptocurrency and from which key levels an upward move may be expected.

Bitcoin’s price tested the key high-volume node of the long accumulation. The test of the PoC level at $41,800 with a robust volume reaction indicates a high likelihood of further upside in the near term.

Red clusters (squares) appearing at the lows also corroborate this. They indicate interest from large buyers in acquiring the asset below the $40,000 level.

Volume moves the price of any instrument, including Bitcoin. Therefore targets should be defined by reference to the zones of heavy volume. At the moment, such levels are: $46,250, $47,000 and $49,250.

The primary scenario is an upside move with the initial objective of rising to $46,250. If price holds above this key level, the expectation is to reach $49,250 (within the range) with a pullback from the PoC to $47,000.

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