Following its latest attempt, the king cryptocurrency has surpassed the expected critical threshold. However, more is needed. Although the resistance has been overcome, there have been no closings above it, and if the selling pressure continues, it may remain weak. So what do experts’ current predictions indicate?
Bitcoin (BTC) Price is Rising
After the seventh attempt, the price of Bitcoin reached $38,035, surpassing $38,000. Altcoins have been testing this critical zone seven times since November 9th, constantly fluctuating around $37,900. This is similar to the persistence of support levels being tested during a downward period. So what happened next? The supports weakened with each test, and we saw even the supposedly unbreakable $20,000 level being lost.
During the upward period, a similar path is followed where the price repeatedly tests the supposedly unbreakable resistance levels and shatters them. If the sentiment that the Binance case is a positive development for the markets gains even more strength, we may see altcoins rapidly rise with closings above $38,000. Since this price level is a point that was reached before the Fed started raising interest rates, it is of critical importance.
With the support of interest rate cuts in 2024, the king cryptocurrency can strongly strive for a six-digit price target. Moreover, this time it will be backed by billions of dollars worth of institutional demand with the approval of the spot Bitcoin ETFs. With Binance starting with a clean slate and coming under the supervision of the US, investors have plenty of reasons to remain optimistic.
Expert BTC Predictions
Popular crypto analyst Skew claims in his latest market assessment that a single buyer is pushing the market upwards. If this is true, the bull run we saw in the first quarter with billions of dollars in purchases (within hours) could gain momentum with a different version in 2023.
“Some buyers are probably trying to push the market higher here ~ there is a clear correlation between spot and perp CVDs/Delta.”
Michael Poppe, the founder and CEO of MN Trading, said the following:
“Bitcoin is still doing very well so far. It is slowly rising towards a new resistance level, and surpassing $38,000 means that $40,000 is next in line.”
Daan Crypto Trades stated that the challenging $38,000 resistance level will become easier for BTC. According to this, it would not be surprising for the end-of-year BTC price to be above $40,000. Furthermore, it emphasizes that with ETH surpassing $2,150, it could gain momentum. Technical data also indicates that the ETH price will target $3,000 with closings above this range.