empty
02.01.2024 02:56 PM
Bitcoin made a bullish breakout of the $45k level: what to expect next?

Bitcoin begins 2024 by reaching a new local high above the $45k level. Recall that at the end of 2023, the cryptocurrency established a local high near the $44.9k mark, after which a correction began. As of January 1st, Bitcoin has made a bullish exit beyond the fluctuation range of $40.5k–$43.4k. The second day of the new year started with a bullish momentum for BTC, thanks to Asian markets.

This image is no longer relevant

The cryptocurrency continues its confident upward movement above $45k and has every chance to firmly establish itself above this psychological mark. The trend of increased growth in BTC/USD quotes may continue after the opening of the American trading session. Therefore, it is logical to assume that the $50k level will become the new major target for Bitcoin.

Bullish Sentiments are Growing

It's no secret that this week could decide the fate of several applications for the approval of a spot BTC-ETF. The deadline for the U.S. Securities and Exchange Commission to approve the first batch of applications is approaching, and according to Bloomberg reports, such approval is expected. Against this backdrop, there is a positive sentiment in the market after the opening of the trading session following the holidays, especially among large investors.

It is reported that institutional investors are opening long positions on BTC with a significant premium on the CME, which is a rare occurrence and indicates high interest from large capital in the asset. The last time "whales" opened positions with a significant premium, BTC/USD quotes increased by more than 25%. Glassnode also reports that on December 30th, investors withdrew more than 28,000 BTC ($1.1 billion) from cryptocurrency exchanges, which is the maximum for the year.

This image is no longer relevant

Such activity from large capital is undoubtedly linked to the upcoming approval of one or more BTC-ETF applications. The head of VanEck stated that the cryptocurrency market will become the most interesting segment for investment, and Bitcoin is awaiting a powerful bullish rally. At the same time, Goldman Sachs notes that the approval of a BTC-ETF could become a "sell the news" event. However, analysts are confident that the approval of BTC-ETFs will attract more institutional investors to the cryptocurrency space.

BTC/USD Analysis

Bitcoin ended 2023 in a state of uncertainty due to the potential formation of several technical analysis figures—double top and triangle. As a result of a strong bullish impulse on the first and second of January, we witnessed the execution of the "triangle" figure. Bitcoin made an upward breakout of the $43.4k resistance level, and subsequently the $44.9k level. The "double top" figure lost its relevance, but there is still a possibility of forming a "triple top" pattern.

This image is no longer relevant

However, the chances of such a figure forming in this situation are minimal, as after a local consolidation within the range of $40.5k$–43.4k, an upward trend formed. Each subsequent low was higher than the previous one, indicating an increase in buying activity, and as a result, a minimal probability of forming a "triple top" pattern.

Summary

Bitcoin kicks off the new trading year powerfully, and events such as the approval of a spot BTC-ETF, the halving, and the reduction of Federal Reserve interest rates will allow the asset to update its all-time high. As for short-term targets, the final consolidation above $45k and creating a foundation for further growth will be the main objective for the bulls. A breakout and consolidation above $50k can be considered the main medium-term target for the bulls, which will become much more feasible after establishing a foundation at $45k.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin will test its Support.1 after successfully breaking through and closing below the Uptrendline intraday chart, Friday, July 4, 2024.

Bitcoin – Friday, July 4, 2025. With an inflow into the Bitcoin ETF around USD$ 50 billion, it shows strong interest from investors, thus strengthening the legitimacy of this cryptocurrency

Arief Makmur 07:58 2025-07-04 UTC+2

Ripple has the potential to correct and weaken down to the Support level of 2.1924, Friday, July 4, 2025.

Ripple – Friday, July 4, 2025 Friendly regulatory pressure and the case with the SEC that seems to be stopped and open interest in the derivatives market that has jumped

Arief Makmur 07:58 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 4

Bitcoin has encountered significant resistance around $110,000, and it is unlikely to break through this level easily in the near term. Ethereum is also facing difficulties moving above the $2,600

Miroslaw Bawulski 07:27 2025-07-04 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 3

Bitcoin and Ether have resumed growth, reaching new weekly highs amid favorable macroeconomic conditions. Over the past 24 hours, Bitcoin has risen by 2.5%, trading above $109,000. Ethereum also advanced

Miroslaw Bawulski 08:47 2025-07-03 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 2

Bitcoin continued its correction and during today's Asian trading session reached a new level of $105,000. Ethereum also dropped significantly but was quickly bought back, stabilizing around $2,425. Meanwhile

Miroslaw Bawulski 08:33 2025-07-02 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 1

Bitcoin failed to hold the $108,000 level, slipping into a more acceptable zone around $107,000. Ethereum also showed weakness at the end of the month, retreating to $2,460 after failing

Miroslaw Bawulski 08:55 2025-07-01 UTC+2

Key events this week that may impact crypto market

Bitcoin has pulled back below the $108,000 level, while Ethereum briefly rose above $2,500 over the weekend before retreating again. Clearly, traders will be closely monitoring several upcoming macroeconomic data

Jakub Novak 14:53 2025-06-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 30

Bitcoin and Ethereum continued to grow over the weekend, indicating steady demand even as the leading cryptocurrency approaches its historical highs. While everyone is anticipating that Bitcoin will soon break

Miroslaw Bawulski 09:30 2025-06-30 UTC+2

Trading tips for crypto market on June 27 (North American session)

Bitcoin made another attempt to return to the $108,000 level, but failed to hold it and corrected lower, falling below the $107,000 mark, a move that could lead

Miroslaw Bawulski 15:47 2025-06-27 UTC+2

Another Major Company Announces $1 Billion Raise to Buy Bitcoin

The cryptocurrency market is showing strong confidence. Given its correlation with the U.S. stock market—where historical highs are being updated—there is room to expect further growth in digital assets. However

Jakub Novak 10:50 2025-06-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.