Bitcoin continues to trade above the $40,000 level in the first week of December, starting off better than it has since the beginning of 2022. The price movements of Bitcoin, which have risen above the $40,000 mark for the first time since April of last year with a weekly close, have already started to please investors at the beginning of the month.
Bitcoin Breaks a Significant Resistance Level
In the early days of December, Bitcoin is reminding investors of Uptober by liquidating short positions in the futures market and overcoming fundamental resistance levels. The uptrend began with the weekly close that first saw the $40,000 level since April of last year.
According to data from TradingView, the bulls did not slow down with the overcoming of this important resistance level, and the BTC/USD pair rose to $42,200, reaching the highest level of the recent months. According to statistics from blockchain data analysis firm CoinGlass, over $50 million in short positions were liquidated on December 4 alone.
Bitcoin Predictions from Popular Investors
With this development, many investors have pointed out that as Bitcoin’s price performance improves, the gradual decrease of short liquidations in the futures market suggests a potential for Bitcoin’s price to continue its upward trend towards $50,000.
Popular investor and analyst Skew shared his thoughts with his followers during the market’s rise with the following statement:
“Someone here is still aggressively chasing opportunities, and more importantly, whether the major market establishment will really allow some offers to be filled. If they are filled, an increase in price is expected.”
Despite these developments, analysts considering the possibility of a downturn for Bitcoin in the crypto market also share their thoughts. According to popular investor Crypto Chase, the current levels are an ideal place to trap long-term investments and pull the Bitcoin price down by another $10,000. The famous investor commented on the issue:
“In my opinion, this cycle is no different from the others. Right now, it’s only up, soon it will be only down. Bitcoin always trades like this. I believe the current prices are overly stretched. I will be adding to my short positions at the $43,000 level.”