TL;DR Breakdown
- Bitcoin price breaks above $40,000 and aims for $50,000.
- Anticipation builds as the world-largest cryptocurrency is on the verge of making a new ATH.
- Market Analysts make predictions on what to expect next.
Bitcoin Price Surges Above $40,000 Following Predictions
Earlier this morning, the crypto market saw bitcoin inching towards the $40K mark. However, some hours back, Bitcoin price exploded past the resistance level at $40,000. This is an impressive move from Bitcoin, as the price traded below the $38,000 mark for many weeks, which caused its short-term price cycle to lose momentum.
At the moment this article was written, Bitcoin is trading at $40,327 which is just inches away from the all-time high at $42,000. Crypto market analysts think the BTC is showing signs of great momentum after it broke above the resistance level at $40,000.
The price of Bitcoin took off when MicroStrategy said it pitched Bitcoin to more than 1400 companies some days back. If price should overcome the final resistance, it could be the beginning of a rally for bitcoin as it is going to make a new ATH with the surge.
Crypto market analysts believe that the likelihood of the coin breaking out finally is going to depend on the institutional investors. Recently, an analyst revealed that whales have continued to show interest despite the evident rise in price.
Bitcoin Price: What To Expect Next
When price still traded below $38K, several market analysts made predictions of what might occur if price soared above $40,000.
Strategists and investors at Bequant revealed in a conversation with Cointelegram that they believe Bitcoin should experience an impressive rally above $40,000 similar to its price action in December. They believed that the then-consolidation of Bitcoin was not a sign of weakness.
In addition, Denis Vinokorov, remarked that the price of BTC stalling around $38,000 for many weeks revealed an “efficient price discovery,” and predicted that the direction of BTC after it breaks past $40,000 will be unpredictable.
Head of Trading, Chad Steinglass, predicted an explosive growth for Bitcoin after breaking out of the $40,000 mark.
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