After waiting for nearly a fortnight, Bitcoin price finally rallied above $33,000 resistance levels. Moreover, the price is strongly heading towards $34,000 with a decent jump of more than 4%. The continued trend could carry the BTC price close to $35,000 initially which may pave the way to head towards $40,000. But the challenge is whether these levels can be achieved this weekend or no!
The bitcoin price broke the downtrend line with a pretty huge candle and currently trading above it. The price is on the verge to test the 50-day MA on the daily chart. And once done, we can expect some more pumps very soon. However, $40,000 still remains the crucial level to ascertain the uptrend or bullish trend.
The price appears to be in the final stage in the Wyckoff distribution and hence the possibility of a considerable downtrend still haunts the rally. The price, however, after confirming to trend within a falling wedge a couple of days before, a substantial jump close to $37K may be fast approaching.
A popular analyst, AlanSantana points out towards the lowered volume despite a slight jump from the current levels. And hence this could be a little tricky signal as one cannot completely validate the beginning of an uptrend as the bears still prevail.
The analyst predicts $37,000 as the first goal to achieve and once done $41,000 could be achievable. The daily close needs to be above $33,800 in order to head towards the next levels. Moreover, the analyst says the altcoins vs bitcoin pairs will continue to surge, forming higher highs and higher lows. And the crypto space could witness massive growth in a couple of months from now.
Bitcoin price currently has broken the critical resistance levels and is on the verge to head to the next levels. Most of them believe in a bullish narrative yet have not completely dropped the bearish one. However, if the BTC price rally hits levels above $40,000, a bullish trend could be valid then.