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The crypto bullish rally continued today as the Bitcoin price climbed another 6% in profits today.
This bullish surge in the Bitcoin price played out exactly as we predicted, pushing the Bitcoin price higher to our $40k key level on the 4-hour timeframe. Week In Review: Are We In A New Crypto Bull Run? BTC To $40k!
In this Bitcoin analysis, we will be breaking down the next few possible price scenarios for Bitcoin and what key levels to watch for in the coming days.
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The $40k Key Level Can Bitcoin Break Through?
The Bitcoin price is currently trading around the $40k resistance level on the 4-hour timeframe. This level has held the Bitcoin price back on two previous occasions making a break of this level very important for the Bitcoin bulls!
Bitcoin Bullish Prediction
For the Bitcoin bullish scenario, we need to see the Bitcoin price breakthrough and close above the $40k resistance. A price break like this will confirm our bullish bias on Bitcoin and indicate a coming bullish rally in the coming days.
This rally could potentially push Bitcoin back into the $50k level or even higher depending on the kind of volume we see come into the market if a bullish breakout like this occurs.
Bitcoin Bearish Prediction
For the Bitcoin bearish prediction, it is important for the $40k resistance to hold. If this 4-hour resistance can get respected by price, there is a very high probability that we might see a sell-off back down to the $28k support in the coming days.
The most important question now is, can the Bitcoin $40k resistance hold, or will the Bitcoin bulls power through it to the $50k regions soon?
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