Bitcoin price prediction: Bitcoin spikes to $40,000, prepares to retrace?
Bitcoin, the highly volatile and fast-growing cryptocurrency, has been showing signs of a major retrace in the last few hours. While it is unclear if this retrace will be a correction, as it has been on all-time highs lately, it is likely that the price of Bitcoin will experience a significant retrace, and will most likely fall below $10,000, to around $6,000 to $8,000.
The current trend of the Bitcoin price is either an indication of the next Bitcoin bubble, or an early indicator of the rise of a new leader in the cryptocurrency market. After a yearlong bear market, Bitcoin prices have risen to $12,000, and seem to be showing no signs of slowing down.
As of publishing, the price of Bitcoin has just smashed through the $40,000 mark for the first time. It feels like just yesterday that Bitcoin was just a few dollars, whereas earlier this year one coin was worth 20 times that. With the price of Bitcoin rising by over 1000% in 2017, it’s no surprise that the world is now taking notice. Many believe that the sky is the limit for the cryptocurrency, with some predicting that it will rise to $100,000, or even beyond. For now, the price of Bitcoin is expected to continue climbing as investors flood in from all over the world.. Read more about bitcoin news and let us know what you think.
Summary of the situation
Yesterday BTC found support around $32,000.
Last night, the BTC/USD exchange rate hit the $40,000 mark.
The bears are preparing for another downward move.
Today’s forecast for the bitcoin price is bearish, as the market hit resistance around the $40,000 level last night and failed to make any progress. Therefore, we expect BTC/USD to move lower in the next 24 hours and try to establish a new low. Crypto-currency heat map. Source: Coin360 Overall, the market has traded in the green for the past 24 hours. Bitcoin is up 4% and Ethereum is up nearly 13%. The rest of the market follows this trend with mixed but upward results. BTC/USD opened today at $38,850 after a slightly bullish close yesterday that took the market towards the $40,000 mark. With no new gains today, we can assume that another lower high has been made and that the market will continue to fall over the next 24 hours.
Bitcoin price movements in the last 24 hours
The BTC/USD price has varied from $35.995 to $39.835, indicating significant volatility. Trading volume fell 22.8% in 24 hours to $62.4 billion. At the same time, the total market capitalization is $709 billion, representing a market dominance of 43.49%.
4-Hour Chart BTC/USD – BTC preparing for a downward move
On the 4-hour chart, we can see that the price of bitcoin didn’t go above $40,000 overnight, which is expected to lead to further declines over the next 24 hours. Four hourly chart BTC/USD. Source: TradingView The total market is still down from the record $65,000 on the 14th. April was reached. After an initial pullback to $47,000, BTC/USD is consolidating below the $59,000 resistance level in recent days. Since then, bitcoin’s price momentum has shown a sharp decline over the past week. From a high of $59,000, the market lost nearly 50% to the 19th. May support was found at $30,000. After a brief move to retest the previous support level of $42,000 as resistance, the market moved back down. Yesterday saw a sharp rise to $32,000, suggesting the bears are starting to lose control. However, with a strong upside spike on the horizon, the bitcoin price could make a new low below $30,000 later this week. Otherwise, if a higher low is formed above $30,000 support, we expect a much more serious reversal a few days later this week.
The forecast for the bitcoin price is bearish, as the market is currently consolidating below the $40,000 resistance level, after last night’s rally failed. Therefore, we expect BTC/USD to move lower later this week and form a new swing low. In anticipation of a further rise in the price of bitcoin, read our guides on how to invest in bitcoin, how many bitcoins are left to mine and how to sell bitcoins. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin price prediction: Bitcoin spikes to $40,000, prepares to retrace? The price of bitcoin has been rising since the beginning of the year, and some experts say that the price of Bitcoin will continue going up. Some have predicted that the price of bitcoin will go as high as $40,000. Bitcoin expert Tom Lee recently said that Bitcoin should see $25,000 by mid-2018, but he also said that $40,000 is possible by the end of the year.. Read more about bitcoin price chart and let us know what you think.
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