The bulls appear to be back in control after the Bitcoin price returned above $43,000 last week. This positive run comes after a period when the leading cryptocurrency struggled, dropping below $41,000 at one point.
However, the market leader appears to have regained most of its lost momentum, and new highs are now in sight. A popular crypto expert on the X platform has put forward a new forecast and set a new target for the Bitcoin price.
BTC Price to $47,000? This is what needs to be done
In a message on X, crypto analyst Ali Martinez offered insight into Bitcoin’s price action and explained the cryptocurrency’s potential moves in the coming weeks. This evaluation is based on the UTXO Realized Price Distribution (URPD) data from on-chain analytics company Glassnode.
A chart showing the UTXO Realized Price Distribution of Bitcoin | Source: Ali_charts/X
Martinez identified the $43,200 area as a crucial support level, which could potentially determine the fate of Bitcoin’s price. The major cryptocurrency broke above this price zone on Wednesday, December 20 and has been trading mostly sideways since then.
In his post, Martinez emphasized that as long as the crucial support at $43,200 holds, the momentum belongs to the Bitcoin bulls. According to the crypto analyst, staying above this support is a catalyst that could push Bitcoin price above $47,360.
On the other side of his analysis, he noted that the Bitcoin price could potentially undergo a correction. The crypto expert highlighted that one of the bearish signals to watch out for is a sustained close below the crucial USD 43,200 mark.
According to Martinez’s projection, a close below $43,200 could push the price of BTC down to $37,000. This would represent a drop of more than 15% from the current price point.
Bitcoin price overview
At the time of writing, the Bitcoin price stands at $43,783, reflecting a gain of just 0.5% in the past 24 hours. However, on the weekly time frame, the major cryptocurrency has staged a massive recovery and is returning to early January highs.
According to data from CoinGeckothe value of BTC has risen by more than 4.5% in the past seven days. Meanwhile, the price of the coin has risen by almost 16% in December, as the market leader looks to end the year on a high.
Bitcoin continues to maintain its position as the largest cryptocurrency in the industry, with a market capitalization of approximately $858 billion.
BTC price experiences correction at $44,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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