The price of Bitcoin displayed significant price movement during the previous month, as the star crypto recorded a rise of over 25% in its value, resulting in the coin breaking out of its important resistance levels. Further, the analysts predict the price is expected to further test its upper resistance of $40K by the year-end.
Bitcoin ETF has played a major role in the price pump recently, as many investors are patiently waiting for its conclusion. Bitcoin is predicted to reach a new milestone following the approval of the spot ETFs.
The BTC price has recorded a return of over 110% YTD, indicating a strong future for this payment system. Are we still the early birds, or is it too late to invest in this promising future asset?
Bitcoin Price Analysis:
The BTC price has experienced a rollercoaster ride this year as the price has recorded massive price fluctuations. The star crypto experienced a plunge in its value during August, following which the price was seen struggling to break out of its key resistance at $28,000.
The Bitcoin failed multiple attempts to break out, resulting in the price undergoing corrections. Following the increasing interest of institutional investors and traders in the Bitcoin ETF case, the price gained momentum and successfully broke out of the key resistance, igniting a bullish moment.
Further, the price was seen hovering around the level, after which the price gained a massive inflow in its value, resulting in the price breaking out of its upper level at $30,000. Since then, the market has been trading under the influence of bulls and gaining significant value in its portfolio.
The RSI has been trading above the mid-point since mid-October, indicating a massive buying and selling power for the coin. Further, the average has been constantly trading above the overbought range, suggesting a strong bullish influence in the market and further indicating the price will continue to gain value in the coming days.
Will BTC Price Hit $40,000 This Year?
If the bulls gain power and break out of their resistance level at $36,000, the market leader will regain momentum and make a run to test its upper resistance level at $37,033.37 soon.
Further, if the market continues to gain momentum and the Bitcoin investors push the price above the next major resistance level of $38,082.91, the price will prepare to test its year target of $40,000.
On the contrary, if the bears overpower the bulls and the market fails to hold its price above the support level of $35,000, the price will experience a trend reversal and test its lower support level of $33,409.28 soon.
Moreover, if the bears continue to dominate the market, it will continue to experience a price plunge and fall to test its crucial support level of $30,396.71 in the coming time.
Further, if the market undergoes a correction, the price is bound to test its lower target of around $25,000 by the end of this year.