Galaxy Digital CEO Mike Novogratz expressed optimism about Bitcoin in a conversation with Bloomberg on November 29. He mentioned that the marketing team of asset managers with approved ETFs will attempt to persuade people to invest in Bitcoin (BTC), potentially increasing adoption. Furthermore, he suggested that the Federal Reserve’s interest rates could be another trigger that may bring Bitcoin’s price close to its all-time high around this time next year. The question remains: can Bitcoin hold above $38,000 and pave the way for a rise to $40,000, or will the bears take over again?
Bitcoin (BTC) Analysis
Repeated testing of a resistance level tends to weaken it. After several failed attempts, the bulls managed to initiate a price increase on December 1, indicating that an uptrend may be recommencing. The rally in Bitcoin above $37,980 completes an ascending triangle pattern. The BTC/USDT pair could then rise to $40,000, which may act as another challenging resistance level.
If this level is scaled, the pair could reach the formation target of $41,160. Rising moving averages and a Relative Strength Index (RSI) above 65 may indicate that the bulls are in control. However, a price drop and a fall below the uptrend line could invalidate this optimistic view in the short term, potentially drawing the price down to a solid support at $34,800. A break below this level could signal that the bears are returning to the game.
Ethereum (ETH) Forecast
Ethereum rebounded from the 20-day EMA level of $2,019 on November 30, suggesting that buyers are strongly defending this level. Bulls might try to push the price to the overall resistance at $2,200. This remains a key level to watch in the near term. If buyers continue their momentum, the ETH/USDT pair could complete an ascending triangle formation, potentially indicating a target of $3,400. The 20-day EMA is the significant support on the downside. A break below this level would be the first sign of the bulls losing their grip. The pair could then drop to the 50-day SMA at $1,874.
- Bitcoin’s uptrend possibility post $38,000 evaluation
- Key resistance levels could dictate BTC and ETH’s future.
- Federal Reserve’s actions may influence Bitcoin’s price.