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Bitcoin Price Prediction – Bulls Eye $47,000 Levels. Avoiding sub-$43,000 Would Be Key, However.

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·3 min read
In this article:
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After a bearish week ending 26th September for Bitcoin and the majors, it’s been a mixed start to the week.

At the time of writing, Bitcoin, BTC to USD, was up by 1.45% to $43,816.0.

A mixed start to the day saw Bitcoin fall to an early morning low $42,971.0 before making a move.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,339, Bitcoin rose to an early morning high $44,356.0.

In spite of the rebound, Bitcoin fell short of the first major resistance level at $44,502, leading to a pullback to sub-$44,000 levels.

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Chainlink was down by 1.05% to lead the way down, with Polkadot (-0.30%) also bucking the trend.

It’s been a bullish morning for the rest of the majors, however.

At the time of writing, Ripple’s XRP was up by 2.07% to lead the way, with Binance Coin (+1.75%), Ethereum (+1.42%), and Litecoin (+1.31%) also finding strong support.

Bitcoin Cash SV (+0.35%), Cardano’s ADA (+0.88%), and Crypto.com Coin (+1.07%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $1,928bn before rising to a high $1,997bn. At the time of writing, the total market cap stood at $1,972bn.

Bitcoin’s dominance fell to an early morning low 41.78% before rising to a high 41.98%. At the time of writing, Bitcoin’s dominance stood at 41.81%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall through the $42,651 pivot to bring the first major resistance level at $44,502 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $44,356.0.

Barring a broad-based crypto rebound, the first major resistance level and resistance at $45,000 would likely cap any upside.

In the event of an extended rally through the afternoon, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $45,814.

A fall through the $42,651 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $41,339 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$40,000 support levels. The second major support level sits at $39,488.

Looking beyond the support and resistance levels, we saw the 50 EMA converge on the 100 EMA and narrow on the 200 EMA through the morning.

We also saw the 100 EMA narrow marginally on the 200 EMA, providing additional support.

Through the 2nd half of the day, a bullish cross of the 50 EMA through the 100 and narrowing on the 200 EMA would bring $47,000 levels into play.

Key through the late morning and early afternoon would be to avoid a fall through the day’s pivot to $42,651 to support Bitcoin and the broader market.

This article was originally posted on FX Empire

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