Bitcoin (BTC) Price Long Term Prediction: Bullish
Bitcoin has been trading between $34,000 and $36,000 for the past two weeks as buyers anticipate an upward movement. Today, the cryptocurrency reached a high of $36,746, surpassing the recent high. Analysts predict that Bitcoin could rise to $40,000 if current resistance levels are broken. However, technical indicators show that BTC would rise to $38,480.20 but then reverse. The upward momentum continues as the cryptocurrency approaches the $37,000 mark.
Technical indicators:
Key resistance levels β $30,000 and $35,000
Key support levels β $20,000 and $15,000
Bitcoin (BTC) Indicator Reading
The price bars and moving average lines on the 4-hour chart were flat due to the sideways trend. Today, November 9th, the consolidation phase is over and the Bitcoin price has returned to previous highs. The horizontal moving average lines will almost certainly trend upwards.
What Is the Next Direction for BTC/USD?
Bitcoin price has resumed its uptrend after breaking through the barrier level at $35,975 but has not yet reached the high at $37,000. A further uptrend is possible if the Bitcoin price remains above the support at $36,000.
Hot Take: Bitcoin’s Ongoing Surge
Bitcoin’s recent surge past resistance levels indicates a bullish long-term prediction for its price. Technical indicators suggest potential retracement but also continued upward momentum towards the $37,000 mark. If Bitcoin maintains support at $36,000, a further uptrend is likely in the near future.
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