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What is Bitcoin (BTC) Doing Right Now?
After almost 70 days of consolidation, Bitcoin has finally started to gain some bullish momentum and is pushing to get above the $40,000 target. As predicted in our previous price analysis, Bitcoin managed to get above the $39,500 mark and using it as short-term support.
As of now, Bitcoin is trading at $40,000 and is looking to rally forward. Bitcoin has already rejected this level quite recently, so it is crucial that we break above it this time.
We are also forming a nice “W” on the 1-hour timeframe, which is usually an indication of a price breakout.
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Next Targets for Bitcoin
Bitcoin is currently trying to build new support in the $40,000 region. Before we speculate for BTC’s price to go any higher, it is vital that we close several candles above the $40,000.
The level we currently need to observe is the region between $39,500 and $40,600. In the past, Bitcoin has struggled to hold this region. We must break above $40,600 convincingly in order to maintain the momentum.
Once we have convincingly broken above this region, our next immediate target to watch will be the $42,300.
On the other hand, we can see on the daily timeframe that Bitcoin has closed seven green candles in a row. This means even though Bitcoin is looking bullish, a small correction could also happen anytime.
Conclusion: Our Final Verdict on Bitcoin (BTC)
There is no doubt that Bitcoin is carrying strong bullish momentum and is looking good to break above $40,000. We are also expecting Bitcoin to go higher, but a minor correction is highly likely. Once we get above the $42,300 level, we could also see a huge spike in price.
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