Bitcoin Surges Towards $40,000 Resistance
Bitcoin has reached an impressive price of $39,390, marking a 1.50% increase in the past day. This surge is part of the overall growth in the cryptocurrency market, which has now surpassed a total market cap of $1.5 trillion.
Attention is now focused on whether Bitcoin can break through the formidable $40,000 resistance. Some market enthusiasts, including Arthur Hayes, are optimistic about further highs in December.
The question on everyone’s mind is whether Bitcoin can maintain its momentum and potentially reach $50,000 this week.
Arthur Hayes Predicts a Bull Run for Bitcoin in December
Former BitMex CEO Arthur Hayes is excited about potential market-moving developments that could send Bitcoin to all-time highs. He anticipates a rate reduction by Federal Reserve Chairman Jerome Powell, which historically leads to strong performance for Bitcoin in December.
Hayes expects Powell to soften policy and cut interest rates, fueling hope for a change in monetary policy. According to Hayes, when the “money printer” is engaged metaphorically, asset values rise with Bitcoin leading the charge.
Investors are eagerly awaiting Powell’s address to see if it will indeed impact Bitcoin prices this month.
Jenny Johnson Explores Crypto Investment and ETFs at Franklin Templeton
Jenny Johnson, President and CEO of Franklin Templeton, discussed the company’s exploration of blockchain technology and its application for a Bitcoin ETF at the Fortune Global Forum. She highlighted the significance of blockchain in democratizing access to private markets and reducing transaction friction.
Johnson also acknowledged the growing demand for Bitcoin as an investment option and the potential impact of regulatory approval for a Bitcoin spot ETF.
With increasing institutional interest in Bitcoin, this development could have a positive influence on prices and market sentiment.
Bitcoin Price Prediction
Currently, Bitcoin is trading near $39,564 with marginal movement in the last 24 hours. The daily chart suggests a bullish bias with an ascending channel pattern.
Key resistance levels to watch are $40,082 and $41,941, while support levels are at $38,033, $35,200, and $34,971. The Relative Strength Index (RSI) is hovering around 68, indicating potential overbought conditions but not signaling a reversal.
The price positioning above the 50-day EMA reinforces the short-term bullish trend. Based on these indicators, short-term forecasts suggest that Bitcoin may test the resistance at $40,082 in the near future.
Hot Take: Bitcoin’s Momentum Towards New Highs
As Bitcoin approaches the $40,000 resistance level and the total cryptocurrency market cap surpasses $1.5 trillion, there is excitement and anticipation within the crypto community. Arthur Hayes predicts a December bull run for Bitcoin, fueled by potential rate reductions and a change in monetary policy. Jenny Johnson explores the integration of blockchain technology at Franklin Templeton and its impact on democratizing access to private markets. Investors are closely monitoring these developments and their potential influence on Bitcoin prices. With a bullish bias in the short term and growing institutional interest in Bitcoin, there is speculation about whether BTC can reach $50,000 this week.
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