The Bitcoin price appears to have begun another leg up as it charges forward to the $40K level. After dropping slightly to around the $37K mark, Bitcoin moved forward over the past 24 hours and has settled just under the $40000 level with buying pressure expected to move the price forward to the next resistance level of $42000.
It appears that Bitcoin is setting a higher low before starting its next considerable move upwards. Some analysts have predicted a fall to the $34000-$36000 level before the charge forward but it seems like an upward move has already begun in earnest. If you haven’t yet bought some Bitcoin, then you could have a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Forecast For Bitcoin Price: Next Stop At $42K
The short-term price forecast for Bitcoin appears to be bullish. It seems that the bearish tendencies in the market have finally been overcome and another 10% rise is imminent. Altcoins have aso taken a slight dip over the past 48 hours with many shedding at least 10% or more. But that should all change as the Bitcoin price continues to scale upwards.
It is interesting to note that the bitcoin price is up by around 25% from its July 21 low of $29800. This considerable jump indicates strength in the markets and the $40K mark is probably the next springboard for a run to the $50k level.
The next logical resistance point for the Bitcoin price is the $42K level. If this is overcome, then BTC may climb to the $44,000-$46,000 levels where it should also encounter considerable resistance.
A bearish thesis will invalidate this scenario as BTC should then fall to the $36K level which it should eventually find support at the $34K mark. However, with the considerable level of interest and an increase in trading volume, the Bitcoin price should continue on a bullish trajectory, at least for the moment.
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Long Term Forecast For BTC: Soon To Retest All Time Highs?
After a torrid few weeks, where the BTC price sank more than 50% from its all time highs, it seems that tables are being turned. As already discussed at length here, it seems that the next resistance levels of $40K and $42K seem to be the ones that Bitcoin is required to overcome to continue its charge forward.
Commentators and financial analysts have noted that other altcoins have also experienced slight retracements over the past 48 hours. However, with a corresponding rise in the Bitcoin price, this should all begin changing as the next bull run picks up some speed.
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Gerald Fenech
