For a merry start to the weekend, Bitcoin price action recovered the losses and is again back up to surge. BTC cemented the $46.3K level and shot up to break the crucial $48.1K level.

BTC touched the 24 hour high at 49,333 and has correctly retraced. It is trading at $48962 up by 3.5% in the last 24 hours. 

The likelihood of BTC breaking out higher will grow if it can start pushing higher and retest the $50k mark. A supply exhaust coupled with more short liquidations will amp up the prices even more.

Popular Analyst Rekt Capital in a recent tweet states, if BTC succeds to hold above $49000 level for the rest of the week. It would gear up the price action for a great weekly close.

Bitcoin to hit $100K by Christmas!

Popular Analyst Plan B in a recent tweet made a medium term bullish thesis for Bitcoin. He says, the stock to flow model predicts for BTC to hit $100K by Christmas.

In a reply to the tweet, trader, investor Jason Williams said, ” Lol I need #Bitcoin to hit $300k by December 31st, 2021 or my Twinkie’s are going to expire!”

Adding to the thesis is another analyst called Crypto Capo. He says, even if Bitcoin slides down to $38K-48K level, it will have a mega bullish rally right after.

However, As for the technical indicators, On the 4 hour chart, the RSI is flashing neutral with a value of 57.36. Whereas 13 out of 15 moving averages flash a buy signal.