Bitcoin traders whose market activity tends to be on the bullish side resort to a series of psychological pricing levels. In the past, these levels have ranged between $10K and $40K. For this year, fans of technical analysis have looked to $50K as the sweet spot in terms of achieving a support level conducive to a long-term rally. This is what happened on August 26 but there was an immediate pullback as traders raked in profits.

By the time the dust of the heavy trading volume settled, Bitcoin had retreated to $46K. Even though volatility is implied in the cryptocurrency markets, this was quite the pullback because it happened in just a few hours. Nevertheless, seasoned traders have explained that they expected this kind of market upheaval.

For instance, a prominent Bitcoin trader in the United States has taken to Twitter to predict that $50K will be a “long-term support level.” This trader has added that this is where Bitcoin is likely to remain for the next six to twelve months.

The trader explained that $50K is a price where Bitcoin will begin to stage a significant rally. He is also bullish about the long-term prospects of the digital currency. According to the trader, the value of Bitcoin is likely to surge by the end of the year.

Other predictions have also been made by investors who follow the cryptocurrency markets. At the time of writing, there is a strong possibility that this Bitcoin price prediction will be realized.

There has also been a number of new Bitcoin ETF proposals, but these are yet to be approved. A significant amount of crypto traders have also voiced their optimism regarding Bitcoin. A number of analysts and experts have predicted that 2018 will be a massive year for the industry. It is not clear when the cryptocurrency markets will reach stability, but we can expect that the price will fall to $45K. With only a few months left in the year, and the cryptocurrency markets are still showing massive volatility.

All in all, we should expect to see a BTC trading range between $45K and $50K over the next few weeks.