Bitcoin (BTC) Price Nearing $40,000 – What to Expect Next?
The post Bitcoin (BTC) Price Nearing $40,000 – What to Expect Next? appeared first on Coinpedia Fintech News
In a recent analysis, Rekt Capital highlighted the significance of Bitcoin’s $58k to $69k resistance range. The historical pattern suggests that breaking this resistance could mark a pivotal moment, transforming it into a support level and paving the way for new all-time highs.
He discusses the impact of Bitcoin halving events on this resistance behavior. Historical data indicates that the resistance areas tend to transform into new support levels as Bitcoin approaches and passes through halving events. The analysis explores the timeframes following halvings, providing insights into when we might expect a successful retest of the current resistance.
Two scenarios are presented: a shorter time frame, where a retest occurs approximately 120 days after the halving (potentially in August 2024), and a longer timeframe, mirroring historical trends where retests take around 240 days (potentially in December 2024). In summary, breaking the 58k to 69k resistance for Bitcoin could mark a transformative phase, leading to new all-time highs.
Analyst Ali Martinez has pointed out that Bitcoin is on the verge of reaching $40,000, stirring excitement within the crowd.
He wrote on X, “Although I’m not touching my spot $BTC position until some time in 2025, I’m inclined to enter a short in the futures market. Want to know why? Well, the TD Sequential presents a sell signal on the weekly chart as #BTC approaches an important area of resistance between $38,500 and $42,000.”
Martinez anticipates that this resistance zone could trigger a corrective downturn, potentially leading Bitcoin’s value to dip to $33,000. The plan involves capitalizing on this market correction by strategically buying the dip before the anticipated resumption of the upward trend. The validity of this approach rests on the condition of a weekly candlestick closure below $42,500.
