- It has been on a wild ride for the past few weeks and buyers are in full control of the price movement as it continues to rise almost daily
- Where there are medium-term trends will undoubtedly depend on whether or not it can continue to print higher lows each week
- Some analysts believe a correction is imminent, although it remains unclear whether that will be enough to invalidate the uptrend
- A trader stated that the next higher uptrend could push it towards $ 40,000 or higher
- This would mean a parabolic surge from the current trading level, but the pricing mode that BTC is currently entering opens the gates for such a move
Bitcoin has skyrocketed as the rest of the crypto market stagnates. It’s about to break above $ 26,000, a massive spike from its daily lows of $ 24,000 that were set about 24 hours ago.
The parabolic growth of the cryptocurrency in recent times shows few signs of slowing down, with any decline being quickly absorbed and sellers not being able to take control of their price movements at all.
A trader is optimistic that a spike is imminent and realizes that there is a good chance that there will be a short-term impulse recovery towards $ 40,000.
Bitcoin explodes higher as bulls gain traction
At the time of writing, Bitcoin is trading just under 5% from its current price of $ 25,800. This is roughly the same as the price it has been trading at for the past few days.
Selling pressures in the upper $ 25,000 region have slowed the climb slightly, but the bulls appear keen to break this level.
A firm break above $ 26,000 could open the gates for parabolic move towards $ 30,000 – this could be the first major level of resistance.
Analysts claim the next BTC pulse could lead to $ 40,000
While sharing his thoughts on current price developments, one analyst stated that he is waiting for Bitcoin to see a spike towards $ 40,000 if it makes a temporary spike around current price levels.
“Bitcoin breaks even more as it approaches my second Fibonacci point of interest at $ 25,800. The higher we go, the higher the next impulse movement will take us. If $ 25,800 is that temporary spike, then the next pulse could push BTC towards $ 40,000 +. “
Image courtesy Michaël van de Poppe. Source: BTCUSD on TradingView.
The coming days should shed light on whether this possible path for Bitcoin actually comes into play or not.
Featured image from Unsplash. TradingView charts.