45000 is a breakout buy signal for Bitcoin and we believe that level is going to clear very soon. We would use just below the recent 38500 low as a stop loss.
As of this post, Bitcoin is trading at 44624.89.
Bitcoin recently pulled back by 21.5%, with the approval of 11 spot-Bitcoin ETFs. After testing support, over 38000, Bitcoin recently cleared a few key technical levels: First, 40000, second, the 20-DMA, near 42000 and finally the 50-DMA near 43000.
We believe that the recent drawdown is completed and that the 45000 level will be a breakout buy signal.
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On the monthly chart, 38500 remains as key support with 45000 and 49500 as key potential breakout levels. Our longer-term view is that we expect Bitcoin to make new all-time highs, over 69000, within the next 12-24 months.
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