Bitcoin Price DID IT! Reached 40k with no problem…Buy for 50k?

Posted On January 7, 2021 7:56 pm

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After a hard time reaching the highly anticipated event of the 20k race, Bitcoin managed to surpass that price and highly exceeded all expectations. Not only did Bitcoin’s price continue on a steady uptrend, but went full-on to break 30k, and here we are…witnessing yet another achievement, which is basically a break in the 40k price level. Should you jump on board for a further price increase till the 50k?

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Bitcoin Price Prediction – People are going MENTAL for missing this Price Hike

After our last article discussing how Bitcoin will surely reach 40k very soon, here it is doing so on the very same day. We did mention how Bitcoin was known for increasing USD 3,000 to 7,000 per day in prices, and today was no exception.

This comes after political figures and lawyers started calling for the immediate removal of Donald Trump from his presidency.

I'm pleased and honored to join this statement by @chkbal and others calling for the immediate removal of President Donald J. Trump from office through both the 25th Amendment and impeachment. https://t.co/M4D4Fw4SOf
— George Conway (@gtconway3d) January 7, 2021

Bitcoin’s breach of the 40k price area was followed by a massive profit-taking mechanism, that brought the price back to 36.6k price area. This move could be a potential opportunity for people who want to buy in, in anticipation of the next big move which is the 50k mark.

BTC/USD 4-hour chart showing a correction after reaching 40k — Fig.1 BTC/USD 4-hour chart showing a correction after reaching 40k – TradingView.com

Important Stop-Loss levels

For people who are just entering the market, it is always important to set a stop-loss level in anticipation of a market crash, which is overdue since the 20k breach:

USD 34,500
USD 30,800

The above are important areas, where the price of Bitcoin consolidated for a brief period before making its way higher.

Stay Ahead, Stay Updated
Rudy Fares

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