- Bitcoin price recovery is in effect and suggests it could extend up to $53,687.
- Ethereum price eyes retest of $4,500 and $4,660 as markets recovery after December 4 flash crash.
- Ripple price locks in on the $1 psychological level as it hovers around $0.688.
Bitcoin price is currently consolidating after a minor recovery from the brutal sell-off on December 4. The recent uptick in buying pressure has pushed BTC higher, and altcoins have followed suit. Going forward, investors can expect Ethereum, Ripple and others to continue heading higher.
Bitcoin price vies to climb
Bitcoin price dropped from roughly $57,000 to nearly $40,000 less than a day, starting December 4. This flash crash pulled the entire market down, causing liquidations across the board. However, investors were quick to buy the dip, leading to quick recovery to $46,700.
While this short-term uptick is currently stabilizing around $49,010, investors can expect a further climb in BTC price to the first critical hurdle at $53,687. This move would constitute a 10% upswing.
Beyond which are a lot of underwater investors, with a majority of them hovering around the $60,000 psychological level. Therefore, the upside for BTC remains capped at roughly $53,000.
BTC/USD 4-hour chart
If Bitcoin price fails to produce a higher high above $48,950 and makes a run for the $50,000 psychological level or higher, it will indicate that the buyers are exhausted. In this case, if the big crypto produces a lower low below $46,698, market participants can expect the Bitcoin price to retest $40,867.
A breakdown of this barrier will invalidate the bullish thesis.