Bitcoin prices have been on the rise in recent months, and it looks like they may be about to break out to new highs. The cryptocurrency is currently trading around $37,000, and many analysts believe it will soon reach the $40,000 level.
This could be a major turning point for Bitcoin, as it would mean that the price has tripled from its lows of around $12,000 late last year. If this happens, it could spark a new bull market in Bitcoin and other cryptocurrencies.
The $40,000 level has been a tough hurdle for Bitcoin to overcome in recent weeks, but prices have been steadily rising and this latest push higher could be the one that finally takes prices over the top.
The next key level to watch will be $50,000, which is the all-time high for Bitcoin. If prices can break out above that level, it could open up the possibility of a move towards $60,000 or even higher in the months ahead.
There are several factors driving the current rally in Bitcoin prices. One is increased institutional interest, as major players such as Goldman Sachs start to get involved in the market. Another is the growing popularity of blockchain technology, which is being used to create new cryptocurrencies and other applications. Additionally, some investors are betting that the upcoming launch of Bakkt – a regulated crypto exchange backed by Intercontinental Exchange (ICE) – will boost the overall market.
The cryptocurrency market is closely watching Bitcoin’s move higher, as Ethereum and other altcoins have lagged behind in recent weeks. Ethereum is up just 3% in the past week, while has gained nearly 20%.
In the daily chart, the pair is trading below Tenken-sen ($39,880), Kijun-sen ($39,828), and Ichimoku Kumo cloud ($41,184) confirming the minor weak trend. There is a low of $38,645 and BTC is currently trading around $38,761.
Major support could kick in for BTC at $37,000 (the low on March 7th): a drop below this level would confirm a continuation of the bearish outlook. That could mean a dip until $34,000/$32,950 (the Jan 24th low) or $30,000/$28,600.
Intraday trend reversal may happen if Bitcoin closes above $40,000. A jump to $42,600 (the Mar 9th high)/$45,356 (200-day EMA)/$50,000 is possible.
Several high-profile investors have announced their intention to buy Bitcoin, including hedge fund manager Paul Tudor Jones and asset manager Galaxy Digital. The growing institutional interest in Bitcoin is likely to continue to support the cryptocurrency’s price in the short-term. In the long-term, Bitcoin’s price will be determined by its utility as a store of value and payment system.
If Bitcoin can continue to gain traction with institutional investors and businesses, it is likely to see continued price growth. It remains to be seen whether Bitcoin can maintain its current price levels or if it will experience another major sell-off. However, given the recent bullish trend, it’s likely that prices will continue to increase in the near future.
