The crypto market continued to rally all through this week as the price of both Bitcoin and Ethereum broke through key levels to make new highs.
We also saw a lot of positive fundamentals driving this bullish rally across the crypto market, one of the biggest news being ARK Invest Buys More Bitcoin Despite Price Volatility? How Did it Impact BTC?
This purchase points to the growing demand for Bitcoin by both institutions and regular investors around the world. If this demand continues to rise, there is a very high probability that we might continue to see the value of Bitcoin continue to rise as well.
To trade Bitcoin with leverage, sign-up to Bybit right now! You can also get up to $600 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.
Claim up to $30,030 in Bonus
Bitcoin Road To $36k
The Bitcoin price is still rallying as predicted on the 15 minutes timeframe Is Bitcoin Topping Out? Watch This Level! If this rally continues, there is a very high probability that we might see the Bitcoin price smash our $36k bullish target soon.
This $36k price level is the target for the bullish flag pattern breakout on the 15 minutes timeframe.
This $36k price level also holds a strong significance on the higher timeframe. This key level could be seen as a strong price region on the 4-hour timeframe.
Bitcoin Key Level On The 4-hour Timeframe
The $36k resistance level is also a key resistance for Bitcoin on the 4-hour timeframe. If this 4-hour resistance holds, we might see Bitcoin face bearish pressure and possible weakness in the coming days.
So the big question for next week is can Bitcoin break through the $36k resistance region or are we going to face bearish pressure come next week?
Bitcoin Bullish Prediction
For the Bitcoin bullish prediction, we need to see the $36k price level break on the 4-hour timeframe. This break confirms our bullish bias and points to more bullish pressure coming into Bitcoin next week.
The next bullish target we will be aiming for would be the $40k price region. But for us to smash this $40k target, we need to break through the $36k price region first.
How Will This Affect Altcoins
Ethereum is already breaking out of the converging pattern on the 4-hour timeframe. This breakout is very bullish for both ETH and the whole Altcoin market. If this rally continues, we might see the crypto market entering into a new bull run!
For our full analysis on ETH and the breakout happening in the 4-hour timeframe, read our ETH analysis Ethereum Is Breaking Out Right Now! New Alt-Season?
This week’s Cryptocurrency Performance by Market Cap
|7 Days Return
|30 Days Return
Claim up to $30,030 in Bonus
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting