Bitcoin price prediction: BTC to $40000 again, analyst

TL;DR Breakdown

• Bitcoin price prediction expects a rise to $40000.
• Strong resistance lies at the $37000 mark.
• Strong support lies at the $32000 mark.

The king of cryptocurrencies has stopped its upward hike and appears to be on a sharp descent for a few days. The long-dreaded corrections have taken hold, but the magnitude of the corrections has yet to be seen. For the day, the king of cryptocurrencies topped at $37,860 while the 24-hour low for the cryptocurrency was around $30,300 – a change of around 20 percent in a single day. At the time of writing, the king stands at $35,713. 

Thirteen out of the twenty-eight technical indicators are giving out a signal of buy, nine are neutral and six are sell. Most of the oscillators – 8 – are neutral with 2 indications of buy and one indication of sell. Out of the seventeen moving averages, eleven buy indications with 1 neutral and 5 sells. 

Bitcoin price prediction: What to expect?

Analyst Trading Shot has identified a consolidation ahead in their Bitcoin price prediction. The cryptocurrency is operating in an ascending channel formation and is currently testing the channel’s lower boundary. The analyst states that the correction is nothing to worry about as Bitcoin has had such minor corrections since March of last year. Over the past year, every time the cryptocurrency touched the 1-day MA20 and two Fibonacci Retracements levels of 0.5, the price of Bitcoin had suffered a major drop.

In each of these instances, the price of Bitcoin has touched MA-20. This is exactly what happened recently, but as past trends show, Bitcoin will recover quickly. Bitcoin fell because the RSI and LMACD are both experiencing bearish momentum. Per the analyst, the cryptocurrency will not break out of the ascending channel formation towards the downside as there is a consolidation zone lying ahead. The consolidation zone is also based on the price action and trends of Bitcoin. The consolidation zone lies between the Fibonacci levels of 3.5 and 4.5, i.e., between $32000 and $50000.

Analyst Onat Kib, in their Bitcoin price prediction, is very optimistic for the future of Bitcoin. As per the analyst, the time is near when Bitcoin will be adopted as a mainstream currency. This thought-process of the masses has contributed to the current trajectory of cryptocurrency. The analyst has identified the price action of Bitcoin to be on a parabola.

Per the analyst, the corrections are growing shorter and less deep. The cycle also does not appear to be as immature as one experienced in the 2017 bull run.  Bitcoin also has two ascending trend lines, and if the cryptocurrency holds the $32000 support level on the upper ascending trend line, it can be expected to have stabilized. Bitcoin can resume its upwards journey on the parabolic curve and reach around $4,4000.  

Analyst E BOAT has identified the onset of an inverse head and shoulder pattern in their Bitcoin price prediction. Bitcoin has successfully completed more than 70 percent of the formation and is currently on the right shoulder, hence, the downward descent of Bitcoin’s price. If Bitcoin stabilizes at $32k then the analyst is expecting a sharp upward hike to around $42000.