Bitcoin price prediction: BTC retesting $40000, analyst

Description

TL;DR Breakdown Bitcoin price prediction expects BTC to test $40000 again. Strong resistance lies at the $39900 level. Strong support lies a the $38800 level. The king of cryptocurrencies is trading close to its all-time high of around $42,000. After some major corrections to $32,000, the cryptocurrency has regained its bullish momentum. The cryptocurrency dropped … Read more

TL;DR Breakdown

  • Bitcoin price prediction expects BTC to test $40000 again.
  • Strong resistance lies at the $39900 level.
  • Strong support lies a the $38800 level.

The king of cryptocurrencies is trading close to its all-time high of around $42,000. After some major corrections to $32,000, the cryptocurrency has regained its bullish momentum. The cryptocurrency dropped to a low of $36,778 for the day. Picking up the pace the cryptocurrency peaked at $40,000 during the last 24-hour. At the time of writing, the king of cryptocurrencies is priced at $39,238.

The market sentiment is largely bullish inclining towards buy indications. At the time of writing, 17 of the 28 technical indicators stand on buy indications, ten indicators stand neutral, and only one stands on a sell indication. The oscillators stand neutral with nine neutral signals, with buy and sell at one indication each.

Bitcoin price predictions: What to expect?

Analyst Vince Prince has identified the cryptocurrency’s price action moving inside an ascending channel formation. The analyst has also observed the cryptocurrency to have formed a coherent protracted wave count inside the channel. Bitcoin successfully completed the first three waves of the formation. At the fourth wave, the analyst expects Bitcoin to test the support at the lower boundary of the formation.

Prince believes that Bitcoin will also find a support cluster at this wave. The support level of $26,043 – the Fibonacci level of 0.382 – and the exponential moving average (EMA) support levels combine at this point. This support level will help give the cryptocurrency a bullish swing back where Bitcoin will test the channel’s upper boundary.

At the final wave, Bitcoin will be facing a strong resistance of $55,000 at the Fibonacci level of 1.618. if Bitcoin can break this resistance cluster, it can be expected to go sky-high. Otherwise, Bitcoin will continue inside the channel while finding strong support at $41,968 – the Fibonacci level of 1 – and seek to stabilize on this level.

Not all analysts are still as positive as Vince Prince. Analyst Crypto Patel is skeptical of the current growth in his Bitcoin price prediction. He observes a bearish outlook for the future of the cryptocurrency in his Bitcoin price prediction. The analyst is setting a $6834 potential target for the King.

Per the analyst, Bitcoin is up almost 10,800 percent from last year’s bottom, but it has now entered the bear zone. Patel furthers that Bitcoin will be following key support levels alongside the Fibonacci retracements. The first retracement would be at the 0.618 Fibonacci level, which is found parallel to the $18,000 price level. An upward movement would follow after this support level is hit, only to drop further. Petal believes this cycle will be repeated until Bitcoin reaches $6,834, where it will find strong support.

In his Bitcoin price prediction, analyst Alan Masters warns of bull traps in the cryptocurrency’s price action. However, the analyst states that this does not appear to be the case currently as Bitcoin is facing major upward pressure. The analyst is predicting a break out to the $42,000 price level. The price can reach the 1.618 Fibonacci level parallel to the $49,254 price level. Masters has also identified the EMA 100 – in blue – to be acting key support for the cryptocurrency. Bitcoin is facing major resistance at the Fibonacci level of 0.786 at $39,487.

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