After a drastic dip and months of consolidation, Bitcoin price has finally risen above resistance and is maintaining a bullish uptrend. Over the last week, the token has tried multiple times to break above the $40K psychological levels and failed. But now as the week and the month ends BTC price has flipped $40.6 and is surging upwards.
Popular Analyst Rekt Capital in his recent tweet stresses on clean weekly close for BTC. He says the token is positioned for a great weekly close today. If BTC closes above red the bullish thesis will be confirmed.
The history of the BTC price trajectory suggests a weekly close above the red resistance area has resulted in great rallies.
He also takes note that Bitcoin has flipped the 200 EMA at $39000 as support. This indicator depicts the sentiment of the long-term investors. Hence, cementing this level as major support validates Bitcoin’s next leg up.
Popular Analyst Calls for a New ATH at $100K!
Adding to the bullish case is another popular analyst Crypto Capo. He says this break above $41K is a confirmation of the accumulation range. As this phase has been a prolonged one, the next leg up will be even bigger. Hence, a huge rally to the $100K level is well on the cards.
However, before this starts, BTC may go back and test the resistance at $38K or $39K after a weekend pump.
The analyst has been calling for 100K this week multiple times. However, this bullish prediction holds good when seen in comparison with the previous price trajectories BTC has followed.
He also mentions that BTC’s rally will kickstart a new rally for the entire crypto market. The next leg to the bull cycle is underway if BTC persists.