Bitcoin Price Prediction, Clearing the Hurdle or Stumbling

Key Takeaways
  • Bitcoin achieved its first weekly close above the $40,000 mark since April 2022, fostering a bullish sentiment among BTC holders.
  • This marked the seventh consecutive week of positive closes, underscoring the prevailing control of bulls in the upward trajectory of Bitcoin's price.
  • Bitcoin's rise to $40,000 aligns with BTC holders' anticipation of a Spot Bitcoin ETF approval. Potential gains up to $45,000 are further boosted by the upcoming bitcoin halving event.
  • The week ahead is poised to feature crucial economic indicators such as the U.S. ISM services, PMI, and non-farm payrolls for December, which could influence Bitcoin's trajectory.
04-12-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Clearing the Hurdle or Stumbling

Bitcoin has surged by more than 5%, surpassing the $40,000 resistance.

  • According to Coingabbar Technical Analysis, Bitcoin breaks crucial resistance of $40,000, signaling the start of a historic bull run.

  • With four consecutive bullish days, Bitcoin regains momentum, crossing the $40,000 mark after a 19-month wait.

  • The price surges over 5%, continuing its upward trend towards the $42,000 resistance.

  • After a bullish reversal within a flag pattern, buyers successfully extend the upward trend, achieving an 11% surge over the past four days.

  • BTC trades above both $40,000 and the 50-hourly Simple Moving Average, breaking the extended channel pattern.

  • The $42,000 psychological barrier may introduce supply pressure as prices continue to rise.

  • Recent advances drive BTC towards the upper resistance of a symmetrical triangle, and a weekly close above $42,000 could initiate a move beyond the pattern, targeting the next resistance above $46,000.

  • A slight pullback is conceivable, especially if a strong non-farm payroll figure influences expectations of rate cuts in 2024.

KEY LEVELS :

RESISTANCE LEVEL : $42,000-$42,500

SUPPORT LEVEL : $41,200-$40,800

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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