Bitcoin- Recent price action is suggesting 48k target

Dec 16, 2023

The previous month proved highly favorable for BTCUSD bulls, witnessing a remarkable 25% surge in price and establishing a new local high above 44k. Following this upward move, a correction ensued, yet the price found solid support around the 40k zone.

After this correction, BTCUSD's price entered a consolidation phase, and the range of this consolidation is gradually contracting, indicative of a symmetrical triangle continuation pattern. The target for this pattern is set at 48k, with confirmation contingent on a breakout above the 43,500 zone.

I maintain a bullish outlook on Bitcoin, contingent on the price remaining above 40k in terms of daily close.