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Following a bullish wave, analysts and traders anticipate more gains in the cryptocurrency market.
BTC Price Market Price Analysis
Over the past 7 days, Bitcoin (BTC) has outperformed the global cryptocurrency market, rising 5.64% in price compared to the market rising 3.80%. At the time of writing, the price of Bitcoin is trading at $29,945.56which represents a fall of 1.31% in the last 24 hours.
BTC price chart. Source: CoinGecko.com
Despite this drop, Bitcoin trading volume has increased by 25.60% over the past day, reaching $13,411,814,416. With a circulating supply of 19 million BTC, Bitcoin’s market capitalization is $579,401,001,952, making it the highest-ranked cryptocurrency on CoinGecko. However, this valuation is -56.64% below Bitcoin’s all-time high price of $69,044.77, recorded on November 10, 2021, more than a year ago. Bitcoin’s fully diluted valuation (FDV) is currently $628,856,655,000.
Analyst Opinions on BTC’s Rise to $40,000
One notable analyst, DonAlt, has boldly predicted that Bitcoin will rise and reach levels similar to its all-time high of nearly $69,000. However, DonAlt has emphasized that Bitcoin bulls must successfully break through a crucial resistance level of approximately $33,000 to launch a bull market.
I think if it goes crazy it would look something like this pic.twitter.com/x74mmABFZ6
— DonAlt (@CryptoDonAlt) April 14, 2023
If Bitcoin breaks above its main barrier, the cryptocurrency trader believes a straight rally towards its all-time high is unlikely. Instead, he anticipates a quick corrective reaction to follow the rally once Bitcoin reaches the $33,000 mark.
According to a trader’s chart, Bitcoin could see a significant rise and break above $40,000 before crashing down and stabilizing near $30,000.
This forecast is in line with the predictions of Cred, another analyst, who expects Bitcoin to reach $32,250 \facing no resistance, with the next potential barrier at $35,000. Cred also anticipates that if Bitcoin breaks above these levels, it could quickly rally to $40,000.
BTC/USD Technical Analysis: A Possible Rise to $40,000
Bitcoin has had a volatile start to the year, but recent price action suggests a possible rally to $40,000. Notably, Bitcoin has been in a downtrend since its all-time high of nearly $69,000 in April 2021. However, we have seen a bullish reversal pattern forming on the charts in recent weeks.
BTCUSD chart analysis. Source: Tradingview.com
The first critical level to watch is the $35,000 resistance. Bitcoin has been rejected at this level multiple times, but the resistance level weakens each time it tests it. If Bitcoin can break through this level and stay above it, we could see a strong move to $40,000. Looking at the moving averages, the 50-day moving average has crossed above the 200-day moving average, indicating a trend. bullish.
Also, the formation of the Bitcoin price chart of a bull flag pattern. This pattern is characterized by a strong uptrend followed by a period of consolidation, during which the price forms a channel pattern resembling a flag. A solid breakout to the upside usually follows this period of consolidation, and analysts believe this could be the case for Bitcoin.
Additionally, the RSI is near overbought territory at 67, indicating that the cryptocurrency is undervalued and potentially poised for a bounce above the 70 level mark. If these indicators hold, Bitcoin could rally to $40,000, a critical psychological resistance level that the cryptocurrency has struggled to overcome.
LHINU could hit $10 million: Here’s why you need to get in early
The successful presale of Love Hate Inu (LHINU) tokens has generated a lot of interest in this initiative. Each milestone reached indicates your potential future success, making it an attractive opportunity for potential investors. To ensure legitimacy, the pre-sale sells 90% of the LHINU tokens, making it an attractive time to invest and determine the success of the project.
Now in its fifth phase, the LHINU pre-sale has raised an impressive $4.1 million. Investors who act fast can purchase LHINU tokens at a reduced price of $0.000115. However, in less than nine days, the price will increase to $0.000125. The fast-growing Love Hate Inu community suggests that its LHINU token could become as popular as other major meme cryptocurrencies such as Dogecoin and Shiba Inu.
As the pre-sale is selling out quickly, investors can take advantage of the discounted price and earn up to 70% of the nominal profit even before the token is listed on various cryptocurrency exchanges, which could lead to even higher prices. LHINU could reach a new pre-sale milestone of $10 million. He wants to take this opportunity to invest in LHINU tokens.
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