Bitcoin Eyes for $40K Next! Analyst maps potential resistance levels for BTC price
Over the past fortnight, Bitcoin, the cryptocurrency with the highest market cap, has confounded analysts and experts. The unexpected rise in BTC prices despite the gradual decline of three prominent cryptocurrency-focused banks has surprised many. As reported by several data sources, the 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 going forward and if it will reach $40K.
Bitcoin is getting massive community support
In recent times, Bitcoin’s price trend has been nothing short of overwhelming. Despite occasional fluctuations, the cryptocurrency has seen an upward trajectory, much to the delight of investors. As a result, several analysts have come forward to support a bullish market for BTC.
Options traders betting on Bitcoin staying below $26,000 were surprised by the cryptocurrency’s 17.5% rally from March 16 to 22. This sudden rise in prices was largely driven by investors seeking protection against persistent inflation and the ongoing banking crisis.
The famous crypto YouTuber Ben Armstrong, who also goes by the name BitBoy, recently shared their thoughts on a Bitcoin price play 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 does not believe Bitcoin will reach the $1 million level within 90 days or in the near future. According to the cryptoblogger, such a dramatic price increase may not happen until 2032, which is nine years away from now.
Will BTC price reach $40K next?
After surging more than $8,000 in a week amid the global banking crisis, Bitcoin’s price stabilized around $28,000 earlier this week and remained stable for several days. However, the asset experienced increased volatility during the trading hours and mid-week days due to the US Federal Reserve’s planned announcement of interest rate policy changes.
Examining the daily chart, it appears that BTC/USD may fall below the 9-day moving average and move towards the 21-day moving average. If the bulls cannot push the price above the upper limit of the channel, it is possible that Bitcoin could experience a decline. At the time of writing, Bitcoin is trading at $27.9K, with an uptrend of almost 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 the $30K level, it could set a new target of $45K by the end of April.
