Recent Bitcoin Consolidation Suggests Move Past $40k is Imminent

  • Bitcoin has risen over the past day, at a time when most of the major altcoins are experiencing immense upward momentum
  • Where the next market trends lie will undoubtedly depend on whether BTC and ETH remain stable or can continue to rise
  • While one analyst shared his thoughts on where crypto might head in the short term, he stated that Bitcoin’s recent phase of consolidation has been incredibly bullish
  • He now expects the overall market to rise, with bulls likely to be able to push Bitcoin past $ 40,000 thanks to a few key technical factors
  • However, for BTC to make parabolic progress, it must break through its all-time high of $ 42,000

Bitcoin has seen mixed price moves in the past few weeks, with crypto seeing several strong uptrends and sell-offs, making it increasingly unclear where there might be a trend in the short term.

The technical outlook appears to be improving, however, as the bulls are in the process of driving them up and forming some positive technical formations.

One trader is now aiming for a move towards $ 40,000 in the short term, stating that crypto could be positioned for massive momentum in the coming days and weeks.

Bitcoin is pushing for $ 40,000 resistance as the uptrend begins

At the time of writing, Bitcoin is trading just under 4% at its current price of $ 36,900, a notable increase from the recent lows of $ 35,500 set this morning.

The strength of the cryptocurrency shows few signs of deterioration, with bulls aggressively buying every dip while the bears struggle to gain momentum.

Where the crypto trends will be in the medium term will no doubt largely depend on whether or not they can break above $ 40,000.

Analyst: BTC is likely to break $ 40,000 if technical strength increases

A trader recently stated in a tweet that Bitcoin could be on the verge of massive momentum in the medium term.

It is even aiming for a move to $ 40,700, which could act as short-term resistance.

“This consolidation on $ btc has given more breathing room for our * allowed * medium inverted pillow. We could pump to 40.7k and still be within the accepted reversal band levels above the base. TLDR: Soon more upside potential for Bitcoin. “

Image courtesy Altcoin Psycho. Source: BTCUSD on TradingView.

The coming days should shed some light on Bitcoin’s near-term prospects and the impact on altcoins.

Featured image from Unsplash. TradingView charts.