Bitcoin Price Prediction, Bulls Ready to Storm Through
- 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.
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.
