bitcoin is still experiencing an impressive run, but speculation about where the asset is headed is running wild. A crypto analyst has shared his own expectations for the leading cryptocurrency, considering both sides of the coin and the possible prices it can reach.
bitcoin Price Soared by $40,000
In a comprehensive analysis, crypto analyst and trader FieryTrading has mapped out how the price of bitcoin could reach $40,000. Analysis published on TradingView as of November 8 points to the fact that btc price has continued to trade in a narrow bullish channel since October.
This was proven to be true when the asset’s price jumped above $37,000 later, before the pullback to the mid-$36,000s. The steady recovery that has characterized bitcoin‘s declines since the rally began in October has been reaching higher and higher lows, as the analyst notes. FieryTrading refers to this as showing that an asset is “classically preparing for the next pump.” He further adding that: “I think the same goes for btc.”
<img decoding="async" class="alignnone size-medium wp-image-560162 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=460&resize=460%2C267″ alt=”bitcoin” width=”460″ height=”267″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=1553 1553w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=460&resize=460%2C267 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-10.png?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: bitcoin-Preparing-For-Next-Pump-40-000-A-Matter-Of-Time/">Tradingview.com
The analyst expects bitcoin to continue rising in the future, and his first target of $37,000 was already surpassed on November 9. After this, the analyst expects that “a new test of the upper channel is expected as confirmation of the breakout.”
Naturally, FieryTrading has set the price target for this resurgence at $40,000, provided the top of the aforementioned channel has been reached. In a subsequent post, the analyst confirms that this has indeed happened.
btc marks the moment of recovery
In an update on November 9, FieryTrading revealed that bitcoin has indeed reached the top of the channel, which could lead to a rejection. However, the analyst explains that this rejection will only be temporary and could be followed by an upward breakout. The chart marks a pullback after which, the price moves towards the $40,000 target.
However, a rally to $40,000 is not in the cards and, like any analysis, there is always the risk of it being invalidated. FieryTrading notes that bitcoin could experience massive sell-offs that could drag the price back to $37,000. But even this does not deter the trader who believes that “it is healthy for the price to retest the upper resistance of the channel.”
The latest analysis update acknowledges a deeper decline than expected, but it appears the analyst forecast still holds. “Eyes open to see the V-shaped bounce. Move long and short positions at the same time keeping the trend intact,” says FieryTrading.
<img loading="lazy" decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/11/MicroStrategys-46-Billion-Bitcoin-Bet-Pays-Off-Heres-How-Much" alt="bitcoin Price Chart by Tradingview.com (Cryptocurrency Analyst)” width=”2650″ height=”1742″/>
btc bulls hold $37,000 | Source: BTCUSD on Tradingview.com
Featured image from Investing News Network, chart from Tradingview.com
