Bitcoin Price Prediction, Bulls Ready to Storm Through

Key Takeaways
  • Bitcoin successfully recovered from previous losses, surpassing the $37,500 level
  • The primary focus is on achieving a significant upward breakthrough, aiming for resistance levels at $37,750 and $38,000.
  • Bitcoin is currently trading above both $37,000 and the 100-hourly simple moving average.
23-11-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Bulls Ready to Storm Through

Bitcoin holds $35,500 support, heading towards $38,000 levels.

  • Bitcoin has hit the $38,000 level for the third time, undergoing a 3% retracement at the moment.

  • Dennis Porter, CEO of Satoshi Action Fund, predicts a pivotal moment for Bitcoin in 2024.

  • Buyers found support at the mid-boundary of the ascending channel and subsequently experienced a rise once more.

Technical Views:-

  • According to Coingabbar Technical Analysis,Both 4-hour Rising Wedge and 12-hour Ascending Triangle patterns have unfolded for BTC.

  • Bitcoin has attempted multiple times to surpass the $38,000 resistance but has fallen short.

  • The question remains: will BTC break through the barrier in its upcoming test?

  • Breaking the 38k resistance by Bitcoin bulls confirms a bullish trend, indicating a potential rise to 41k.

  • In a bearish scenario, failure to breach the 38k resistance may lead to a retest of the Rising Wedge, possibly followed by a slight correction.

KEY LEVELS :

RESISTANCE LEVEL : $37,900-$38,200

SUPPORT LEVEL : $37,200-$36,800

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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