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Bitcoin price prediction: Bitcoin still not ready to break $40,000?

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC moved higher yesterday.
  • BTC/USD still struggles to break $38,00.
  • Next target at $40,000.

Today’s Bitcoin price prediction is bullish as the market slowly edges higher and has approached the $38,000 mark again. Therefore, we expect BTC/USD to move higher over the next 24 hours as bulls look to breach the $40,000 mark.

Bitcoin price prediction: Bitcoin still not ready to break $40,000? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has decreased by 2.65 percent, while Ethereum 2.2 percent. Stellar (XLM) is among the best performers with a gain of 6.58 percent. 

BTC/USD opened at $37,253, after a slight rally yesterday. Over the past hours, Bitcoin started to retrace again, indicating that a new higher low will be set before bulls attempt to push BTC/USD higher once again.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $35,809 – $37,896, indicating a moderate amount of volatility. Trading volume has decreased by 9.79 percent and totals $33.4 billion. Meanwhile, the total market cap has decreased to $673.5 billion.

BTC/USD 4-hour chart – another minor retracement today

On the 4-hour chart, we can see the market retracing over the past hours to establish a higher low.

Bitcoin price prediction: Bitcoin still not ready to break $40,000?
BTC/USD 4-hour chart. Source: TradingView

The overall market starts to lose its bearish momentum over the past few days. Several higher lows have been set so far, indicating bulls building momentum over the last 24 hours. 

However, BTC/USD still has failed to set a significantly higher high, meaning that the Bitcoin price action is trading in an increasingly tighter range over the last 24 hours. Therefore, until a higher high above the $40,000 mark is set, we can expect further sideways action over the next few days.

Once a higher high above the $40,000 is set, we can expect a quick move higher, with the first minor support at $42,000 and the next at $47,000. From there, bulls will take over the market momentum and likely push the Bitcoin price to a new all-time high over the next weeks.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market continues slowly moving higher. Currently, a short-term retracement looks to retest the several days ascending support trendline. Therefore, BTC/USD is expected to move higher over the next 24 hours to set another higher high and look to breach the $40,000 once again later this week. 

While waiting for further Bitcoin price action development, read our latest guides on Cardano, Zcash, and Litecoin

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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