Bitcoin Price Prediction: Will BTC Price Hit $40K By Mid August?
The post Bitcoin Price Prediction: Will BTC Price Hit $40K By Mid August? appeared first on Coinpedia Fintech News
Anticipation is higher in the crypto space as experts project a bullish trend for Bitcoin’s price in the coming weeks.
Notably, the BTC is already entered its accumulation phase and as expected by everybody is eyeing a whooping $1,00,000 target before halving.
As highlighted by many there are several factors, including recent developments such as the favorable XRP lawsuit ruling and the increasing interest in spot Bitcoin ETFs by major institutions like Blackrock and Citadel, that are contributing to the positive sentiment.
One such analyst is spilling the beans about why there is an impulsive move in BTC Price.
$10K in the upcoming weeks? Analyst Theory
In a recent post in Platform X, the crypto analyst, CrediBull, stated that he has closely studied Bitcoin’s price movement and identified a significant build-up of upward momentum over the past three quarters. This suggests that a powerful surge is likely to occur in the near future, potentially propelling Bitcoin’s price above the $10,000 mark.
While displaying a strong parallel with past price movements, CrediBull notes that the previous upward surge from $24,000 to $31,000 was remarkable, and the next wave could be even more aggressive, possibly driving Bitcoin’s value up to an impressive $42,000.
But what is the reason behind such projections? He further explains that based on a pattern observed in the longer time frame, where the third wave tends to be a multiple of 1.67 times the projection of the second wave, which triggered the recent significant price increase.
However, there is one more interesting observation made by the analyst that the deviations in Bitcoin’s price since November 2023 have displayed strong upward impulses and relatively minor retracements, signalling a bullish trend.
While a minor dip might occur around the $27,900 mark before the next upward impulse, the current price range indicates that Bitcoin is potentially close to finding a local bottom. This situation has heightened expectations that an aggressive upward movement could be imminent within the next two weeks.
