A crypto specialist said on Twitter yesterday that, in the wake of the market leader’s most recent recovery, the price of Bitcoin (BTC) might increase in the range of $36,000 to $40,000. This transfer was predicted by this expert as early as December 2022.
Meanwhile, Samson Mow, the CEO of a number of cryptocurrency projects, gave his personal opinions on the future of bitcoin in a separate tweet. As a result of “hyperbitcoinization,” which has the potential to get billions of people onto a Bitcoin Standard, Mow predicted in a tweet that the value of BTC may eventually experience fewer dips.
BTC’s value increased by more than 4% during the course of the previous day, putting the market leader’s purchasing and selling hands at $30,134.35 as of the time of publication. As a result, BTC had a weekly efficiency of +20.88%.
The previous four days validated the bullish wedge chart pattern that had formed on the daily chart for BTC. As a result, the market leader’s value was able to surpass the highest line of the development line at around $27,140 and increased to the next major resistance level at $30,772.40. However, it was unable to interrupt above this point.
Technical signs suggest that BTC’s value will continue to increase over the next 24 hours. Over the previous three days, the 9-day EMA line had crossed bullishly above the 20-day EMA line, indicating that BTC had already begun a short-term bullish cycle. Additionally, during this time period, the daily RSI line had crossed above the daily RSI SMA line as well.
BTC’s value might retrace only a little before the second leg higher during the next 24 hours as traders and investors attempt to take profits. Should this happen, the value of BTC could once more fall to $28,728.58. The bullish thesis will be proven true as long as BTC’s value is able to close the following two daily candles above this price level.
However, if a daily candle closes below this level during the course of the next two days, BTC’s value will be vulnerable to plummeting to the next crucial support. BTC’s value will most certainly decrease in this case to $25,768.90.