Bitcoin price has risen dramatically in the last 24 hours, breaking through the 35,000 dollar resistance level. The road to 40,000 dollars appears to be clear after a rise of more than 37,000 dollars. Can Bitcoin reach 40,000 dollars before the weekend. Let’s take a look a this Bitcoin price prediction article in more detail.
The price explosion had accelerated in recent days. The Bitcoin price has now risen significantly above the 36,000 USD mark. In the last 24 hours, the price of Bitcoin has increased by almost 6.60%. At the time of writing this, the BTC price is trading at $36,708.15.
This enormous rise has already been demonstrated in recent days, with several increases exceeding the 35,000-dollar mark. We had discussed the possibility that the Bitcoin price could rise to 50,000 USD mark if the resistance to this label plunged. The price explosion has arrived.
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Bitcoin Price Prediction : Why might the Bitcoin price skyrocket?
The Bitcoin price could explode in recent hours because there are new indications about the early approval of Bitcoin Spot ETFs. The former chairman of the US Securities and Exchange Commission, Jay Clayton, said that the Bitcoin Spot ETF was unstoppable.
This allowed investors to soak in optimism, and the buying pressure increased dramatically. At the moment, there is a lot of excitement surrounding ETFs. At the moment, all market participants believe that ETFs will be available soon. However, each new hint boosts the market, and the Bitcoin price is rising.
Bitcoin Price Prediction: Can Bitcoin Price reach $40,000 before the weekend?
If the price rise continues in the coming hours, Bitcoin could reach 40,000 in the next two days. At the moment, not only the ETF, but also the Bitcoin price of 40,000 dollars, appear unstoppable.
Over the weekend, Bitcoin miners were seen amassing $18.5 million in BTC. Will it cause the Bitcoin price to rise to $40,000 this week? After holding around $34,500 over the weekend, the price of Bitcoin (BTC) surpassed the $35,000 level again on Monday. However, Bitcoin miners’ recent trading activity is pointing to another BTC price increase.
When the price of Bitcoin reached a new 2023 high of $35,700 last week, BTC miners took advantage of the surge to sell around 2,190 BTC from reserves while profiting. This basically generated a price drop below $34,400. However, after the weekend, the miners’ mood improved.
So far this month, the Bitcoin bulls appear to be solidly in charge of the markets on the blockchain. And if miners continue to accumulate, the Bitcoin price might retake $40,000 quickly.
This optimistic Bitcoin price forecast is also supported by the Parabolic SAR (Stop and Reverse) technical indicator data.The Parabolic SAR identifies $35,000 as a probable reversal point in the current price trend. To be certain of another positive breakout, Bitcoin price must retake the $37,000 level.
As a result, the bears are expected to build a substantial resistance wall in that region. However, if the bulls maintain their dominance, the Bitcoin price could quickly hit the $40,000 mark.
How to Buy Bitcoin?
For those looking to buy Bitcoin, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling BTC. Given the current positive trend in Bitcoin price and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding BTC to your investment portfolio.