If you follow Bitcoin prices, you most definitely know the overall sentiment of the entire cryptocurrency market. Bitcoin is still a strong influencer over most cryptos and determines the direction of the market. In fact, its dominance is currently around 45%, which is still somewhat “dominant”. In the past week, Bitcoin prices made a fake-out below the 30K price but quickly recovered back into its consolidation area. Can Bitcoin prices breach 40K again? Will we ever witness a Bitcoin 40K price in the near future?
Bitcoin Price is BACK to Consolidation
Bitcoin technical prices are showing a familiar price-action. In fact, back in January and February 2021, prices did in fact have a sideways trend delimited by 30K and 40K. Those two price areas are definite psychological prices, where traders bought around 30K (green lines in fig.1) and sold around 40K (red line in fig.1).
Today, prices are behaving in a very similar pattern, but with few break-out exceptions of the 30K support price area. Some people might panic and sell all their crypto holdings, while in fact, and in less than 1 day, prices corrected back upwards. This is in fact what separates professional traders from newbies: They don’t get emotional.
Bitcoin Price Prediction – Will a Bitcoin 40K happen soon?
Based on the above findings, and since Bitcoin prices just rebounded from the 30K support price area, BTC prices are expected to go as high as 40K soon. Looking at figure 2, we can approximate that the timeframe for that to happen should take around 1 week from now. Now, of course, past price behaviors are never bound to repeat exactly as they previously did, but this is just an approximation of what happened before. Placing a current order at current prices of around 35K would yield a nice 14% return in 1 week…not bad.
The Crypto Market at a Glance
In the past 24 hours, the cryptocurrency market was mostly down by 2.8%. Bitcoin seems to have affected the entire market, as it is currently down by 4%, along Dogecoin which is down by 5%. On the other hand, UMA and Swissborg are up for the day with performances of 9.6% and 7.9% respectively.
1- Bitcoin (BTC) : – 4.17 %
2- Ether (ETH) : + 2.72 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): – 1.42 %
5- Cardano (ADA) : + 0.12 %
6- Dogecoin (DOGE) : – 5.15 %
7- Ripple (XRP) : – 2.44 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): – 0.31 %
10- Uniswap (UNI) : – 0.90 %
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Rudy Fares
