Bitcoin skyrockets to $44,000 as bulls brush bears aside

Bitcoin price rose to a high of $44,100 on Coinbase on Tuesday as bullish sentiment strengthened.
The flagship cryptocurrency’s market cap also cross above $850 billion.
Analysts say a brief pullback is likely, though we could see prices rally to $47k-$48k.

Bitcoin (BTC) price broke past $43,000 on Tuesday afternoon, rising as high as $44,100 on major cryptocurrency exchange Coinbase. This follows the breakout to above $42k on Monday as the world’s largest digital asset by market capitalization continued to enjoy the latest bullish ride.

BTC is up 5% in the past 24 hours and 14% in the past week, trading at around $43,800. Its market cap has reached $850 billion after seven consecutive weekly green candles.

According to data from Coinglass, more than $100 million in Bitcoin liquidations have occured in the past 24 hours, with over $80 million in shorts.

BTC hits $44k, but is a pullback due?

On Tuesday, the upsurge happened after a brief retreat from above $43k area, and with price hovering at this yearly high, it’s possible an extension could see buyers retest a crucial resistance level analysts have pointed out.

According to crypto analyst Ali, a price correction for the benchmark cryptocurrency “is coming.”

While the market may still rally higher, the analyst sees a potential pullback as highlighted by the TD Sequential indicator on both the daily and 3-day charts. The retreat could happen “within the next 7 to 48 hours,” Ali added, basing his prediction on the charts’ outlook.

A #Bitcoin price correction is coming… The question is when?

Well, the TD Sequential indicator suggests that a potential $BTC price pullback could begin within the next 7 to 48 hours, based on the daily and three-day charts. 👀 pic.twitter.com/UwI1IMq4jo

— Ali (@ali_charts) December 5, 2023

If Bitcoin continues higher, it could target the $47k-$48k area, which is a key resistance zone.