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Bitcoin price prediction: Bitcoin continues to set higher lows, ready to break $40,000?

Bitcoin Price Prediction

TL;DR Breakdown

  • BTC retraced yesterday.
  • The support found at the $36,000 mark.
  • Next support at $40,000.

Today’s Bitcoin price prediction is bullish as the market continues setting higher lows as bulls prepare to finally push the market back above the $40,000 mark. Once the $40,000 mark breaks, we can expect BTC/USD to move higher move towards the previous all-time high.

Bitcoin price prediction: Bitcoin continues to set higher lows, ready to break $40,000? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today. Bitcoin has increased by 3 percent, while Ethereum 4.87 percent. Meanwhile, Dogecoin is among the best performers with a gain of 22.7 percent.

BTC/USD opened at $36,684 after a bearish close yesterday. Today we saw the Bitcoin price establish support around the $36,000 mark, meaning that another move higher is expected over the next 24 hours. The next target is located at the $42,000 mark, which if reached from the current BTC/USD price, would mean a gain of 13 percent.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $35,787 – $37,479, indicating a moderate amount of volatility. 24-hour trading volume has decreased by 9 percent and totals $32.877 billion. The total market cap stands at $699 billion, resulting in market dominance of 41.85 percent.

BTC/USD 4-hour chart – BTC moves away from $36,000 support.

On the 4-hour chart, we can see Bitcoin testing the $36,000 support overnight and currently preparing to move higher to the $40,000 mark.

Bitcoin price prediction: Bitcoin continues to set higher lows, ready to break $40,000?
BTC/USD 4-hour chart. Source: TradingView

The overall market momentum has started to shift back to being bullish after several weeks of retracement from the previous swing high of around $60,000. Since the Bitcoin price action is no longer able to move lower and has set several higher lows, we should see BTC/USD finally set a higher high above the $41,000 resistance over the next few days.

From there, BTC/USD will likely move towards the next major resistance at $47,000 and retrace to confirm the trend reversal. After a higher low is set, Bitcoin will be ready for a much stronger move to the upside over the next weeks.

However, until the market continues to trade in an increasingly tighter range, we recommend staying on the sidelines and wait for further Bitcoin price action development.

Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bullish as the market has set several higher lows over the past few days and currently prepares for the next major push higher with the $42,000 benign the next target to break.

While waiting for further Bitcoin price action development, read our latest guide on how to buy Cardano, mine Zcash and how many Bitcoins are left to mine.

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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