Bitcoin Price Prediction, Clearing the Hurdle or Stumbling
- 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.
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.
