Bitcoin Eyes for $40K Next! Analyst Maps Potential Resistance Levels for BTC Price
Over the past fortnight, Bitcoin, the cryptocurrency with the highest market capitalization, has perplexed analysts and experts. The unexpected surge in BTC prices despite the gradual decline of three prominent banks that focus on cryptocurrencies has surprised many. As reported by several data sources, BTC price has been on an upward trajectory and is on the verge of reaching $30,000 this month. The only question that remains is how BTC will perform next and whether it will reach $40K.
Bitcoin Gains Massive Community Support
In recent times, Bitcoin’s price trend has been nothing short of overwhelming. Despite the occasional fluctuations, the cryptocurrency has seen an upward trajectory, much to the delight of investors. As a result, several analysts have come forward in support of a bullish market for BTC.
Options traders who were betting on Bitcoin to remain below $26,000 were surprised by the cryptocurrency’s 17.5% rally from March 16 to 22. This sudden surge in price was largely driven by investors seeking protection against persistent inflation and the ongoing banking crisis.
Famous crypto YouTuber Ben Armstrong, who also goes by the name BitBoy, recently shared his thoughts on a Bitcoin price bet made by Balaji Srinivasan, a former Coinbase CTO and crypto angel investor, in a tweet. According to Srinivasan, BTC is expected to reach an impressive $1 million in just 90 days, and he has even placed a bet of another million USD on it.
Armstrong doesn’t believe Bitcoin will reach the $1 million level within 90 days or even in the near future. According to the crypto blogger, such a dramatic surge in price may not occur until 2032, which is nine years away from now.
Will BTC Price Reach $40K Next?
Following a surge of more than $8,000 within a week amid the global banking crisis, Bitcoin’s price stabilized around $28,000 earlier this week and remained steady for several days. However, the asset experienced increased volatility during mid-week trading hours and days due to the US Federal Reserve’s scheduled announcement of changes to its interest rate policy.
Upon examining the daily chart, it appears that BTC/USD may fall below the 9-day moving average and move toward the 21-day moving average. If the bulls cannot push the price above the upper boundary of the channel, it is possible that Bitcoin could experience a decline.As of writing, Bitcoin trades at $27.9K, with an uptrend of nearly 1.27% in the last 24 hours. Analyzing the weekly price chart, BTC price has formed an H&S pattern, and it may soon climb to new highs after breaking its 23.6% Fib channel. If BTC breaks its $30K level, it can set a new target of $45K by April’s end.