- A crypto analyst predicted in a tweet that BTC will target $36,000 or even $40,000 soon.
- In a separate tweet, a crypto CEO revealed that he believes there will be much fewer dips in BTC’s price due to “hyperbitcoinization”.
- At press time, BTC was trading above $30k, and technicals suggested that its price would continue to rise in the next 24 hours.
Yesterday, a crypto analyst shared on Twitter that he believes the price of Bitcoin (BTC) could climb towards $36,000 – $40,000 following the market leader’s latest recovery. This analyst saw this move coming as early as December of 2022.
Meanwhile, in a separate tweet, a CEO of multiple crypto projects, Samson Mow, also shared his own thoughts regarding the future of BTC. Mow predicted in his tweet the price of BTC might experience fewer dips in the future due to “hyperbitcoinization,” which will bring billions of people onto a Bitcoin Standard.
Throughout the past day, the price of BTC saw a more than 4% price increase, which left the market leader trading hands at $30,134.35 at press time. As a result, BTC’s weekly performance stood at +20.88%.
Daily chart for BTC/USDT (Source: TradingView)
The bullish wedge chart pattern that had formed on BTC’s daily chart was validated over the past 4 days. As a result, the market leader’s price was able to break above the top line of the trend line at around $27,140 and rose to the next major resistance level at $30,772.40. It was, however, unable to break above this level.
Technical indicators suggested that BTC’s price would continue to rise in the next 24 hours. The 9-day EMA line had crossed bullishly above the 20-day EMA line over the past 3 days – signaling that BTC had entered into a short-term bullish cycle. Furthermore, the daily RSI line had crossed above the daily RSI SMA line as well during this period.
Before BTC’s price rises in the next 24 hours, it may retrace slightly before the second leg up as traders and investors will look to take profit. Should this happen, BTC’s price might drop back down to $28,728.58. As a long as BTC’s price is able to close the next 2 daily candles above this price point, the bullish thesis will be validated.
On the other hand, a daily candle close below this level within the next 2 days will put BTC’s price at risk of dropping to the next crucial support. In this scenario, BTC’s price will most likely fall to $25,768.90.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post Bitcoin Analyst Predicts Price Could Surge to $36,000 – $40,000 appeared first on Coin Edition.