Analyst outlines Bitcoin growth prospects above $46,000

The practising trader and founder of the Crypto Mentors project, Nikita Semov, discusses the current market situation.

Price Action and trading volumes indicate Bitcoin is adopting new price levels. The value area of the global balance range $31,500–$41,400 has expanded to full height, and the digital gold is trading above the main price range of last week and the previous month.

Despite the bullish context, talking about breaking the all-time high and a new price rally is too early. Bitcoin’s price remains below the volumes that precipitated the plunge to $28,750. The major resistance levels are now $48,500, $56,000, $59,750.

Holding above the $48,500 mark would open the path to $56,000. In the event of active selling from $49,000, a pullback to $41,000–$42,000 is likely. If the $56,000 level is breached, the next target becomes $59,750, and beyond that — an update to the all-time high and the formation of a new rally.

The bullish scenario would be negated by a return to the value-area balance zone — a close below $39,500.

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