Bitcoin price might just have turned Bullish again…This is why

Posted On June 6, 2022 5:54 pm

Trade Cryptos

The day is finally here. Bitcoin prices alongside the entire cryptocurrency market showed their green colors. Many traders who already purchased Bitcoin in the past few days are already profitable. This period comes after an extended consolidation phase that lasted 3 weeks. Bitcoin prices are hinting at an end to the crypto crash that lasted since November 2021. Will Bitcoin continue to rise? Will Bitcoin price reach $40,000 again soon? Let’s analyze what’s happening in this Bitcoin price prediction article.

Bitcoin Price is back above $30,000 – What happened?

Bitcoin prices suffered huge losses as prices went down from a high of around $69,000 to a low of $25,500. Prices quickly managed to go back higher into the strong support delimited between $27,000 and $28,000. In this area, prices consolidated for a while until the buying power broke, making Bitcoin prices pierce the $30,000 mark and reach a current price of $31,500.

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BTC/USD 1-day chart showing the reversal for a Bitcoin price prediction — Fig.1 BTC/USD 1-day chart showing the reversal of BTC – GoCharting

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Bitcoin Price Prediction – Will Bitcoin reach $40,000 again?

For the bull run to continue happening, Bitcoin prices need to remain higher than $30,000 as a start. Slow growth should also happen, allowing buyers to safely get in the market again and push prices higher. If this happens, prices are definitely continuing higher with the below important areas:

$34,500
$36,000 – $37,000
$40,000

However, we do expect to face resistance around the $36,000 price area. Some short-term traders might start taking their profits from trades open at a price of $28,000.

BTC/USD 4-hours chart showing the potential Bitcoin price prediction — Fig.2 BTC/USD 4-hours chart showing the potential Bitcoin price prediction – GoCharting

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