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The Bitcoin price has finally broken resistance at $40K and has sailed forward to begin negotiating the $42K mark. As more positive vibes enter the crypto market, it seems like Bitcoin will soon begin the path towards the $50K level where it is expected to encounter massive resistance.

At present, the Bitcoin price is trading at around the $41500 level after having retraced slightly from the $42,221 mark. However, there appears considerable strength on the bullish side of the market as the $40K mark now seems strongly supported.

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Short Term Prediction For Bitcoin Price: $46K Is Next Target?

After spending the whole week toying around the $40K mark, the Bitcoin price finally made the move towards the $42K level on July 30. Buyers have once again entered the market and it looks like the bulls are back in town. Altcoins such as Ethereum and Ripple have also seen significant gains over the past few hours so it is expected that another bull run is on the horizon.

The Bitcoin price is now more than 25% up from its July 20 low so gains for short-term traders have been significant. The next logical step for BTC would be to begin an assault on the $46K level after a slight retracement to below the $41K mark. A bullish thesis would then see the Bitcoin price move forward to the $48K level after which it would attack the $50K mark although bulls may be tired at this stage.

A bearish thesis would invalidate this scenario if BTC fails to hold above the $40K level. If the support level breaks, then we should expect a decline to at least the $36K mark quite fast although this appears to be unlikely at this point.

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Long Term Price Prediction For BTC: Upside Remains Rather Limited Unless Various Resistance Levels are Broken

It seems that although the Bitcoin price has made a 25% over the last ten days, the potential for further upside remains limited. There are various levels for it to negotiate including the June 15 high of $41320, the April-June correction of $42,589 and the February 28 low of $43000. If these levels are superseded, the bull run should continue all the way to new ATH’s.

At present, it looks like some sideways movement is inevitable for the Bitcoin price with the possibility of an 11% decline to the $34711 levels. That would however represent a much higher low from where to springboard forward. It would then seem that the BTC price would continue climbing higher to perhaps the six-figure level by the end of the year.

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