Bitcoin Analyst Predicts Price Surge to $40,000
The crypto market experienced a major profit booking, resulting in a drop in the prices of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL). The overall crypto market cap also decreased by more than 2% to $1.27 trillion. However, a well-known crypto analyst suggests that Bitcoin’s price could reach $40,000 in the coming weeks due to a significant development on the chart.
Notable Development Identified on Bitcoin Chart
The analyst, known as CredibleCrypto, highlighted an important development on the Bitcoin chart. He believes that this could potentially lead to a major price surge. While he did not provide specific details, he mentioned that there are clear areas of interest and invalidation that have been discussed.
Possible Price Scenarios for Bitcoin
According to CredibleCrypto, there is a possibility that the price of BTC may drop to around $34,300 before making another upward move. If BTC breaches its support range, the price could drop even further to as low as $33,700. However, there is an alternative scenario where the price action is truncated. If the levels of $34.6K and $34.7K are held and defended, it could trigger a massive rally towards $40,000. The analyst even suggests that BTC could ideally reach around $50,000 by the end of this month.
Positive Predictions for Bitcoin
Matrixport predicts that Bitcoin’s price could reach $45,000 by 2023 and $125,000 by the end of 2024. Additionally, with Bitcoin forming a “Golden Cross” this week and macro factors becoming favorable, BitMEX co-founder Arthur Hayes recommends buying Bitcoin.
Altcoins Expected to Experience Price Jumps
Crypto analysts are now focusing on breakouts and significant buying in altcoins such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE). These altcoins are expected to see sudden price jumps in the near future.
Hot Take: Positive Momentum in the Crypto Market
The recent profit booking in the crypto market may have caused a temporary dip in prices, but analysts and experts remain optimistic about the future. With potential price surges predicted for Bitcoin and expectations of positive momentum in altcoins, it’s an exciting time for crypto investors. Keep an eye on the market and trading volume to stay updated on the latest developments.
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